Creditsights, a research firm, estimates that GMAC could have asked for billions from the government's Troubled Assets Relief Program.
NEW YORK (Reuters) -- GMAC LLC may have applied for up to $6 billion in funds from the government's financial bailout program, and could potentially sell $17.5 billion in government-backed debt to shore up its capital position, CreditSights said.
The finance company, owned by Cerberus Capital Management (CBS.UL) andGeneral Motors Corp (GM, Fortune 500), on Wednesday won approval to become a bank holding company, giving it access to the government lending program.
Seems to be a growing trend.
