Louis Vuitton Handbags GMAC to get $3.5 billion in
According to GMAC spokeswoman Gina Proia, GMAC has been conducting a strategic review of its business and evaluating options to address the challenges at ResCap and the mortgage operations.
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No specific details provided by GMAC.
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The new capital will likely allow GMAC to avert placing its ailing mortgage unit, Residential Capital LLC, or ResCap, into bankruptcy, the Journal reported, citing these people.
Citing people familiar with the situation,Louis Vuitton Sunglasses, the Journal reported that the announcement is expected within days and will coincide with GMAC taking additional steps to absorb losses related to its mortgage operations.
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She said, in the process, the critical objectives would be to take actions that position GMAC for improved financial performance and to repay the U.S. government.
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The Wall Street Journal reported that GMAC Financial Services is closed to get about $3.5 billion in added aid from the U.S. government, on top of the $12.5 billion already received since December 2008.

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