GMAC to get another $7.5 billion in state aid

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Finance group GMAC is to be given another $7.5 billion in state aid, to help it offer loans to potential GM and Chrysler car buyers.   This is the second time the US Treasury has intervened to help GMAC. A $6 billion bail-out was made available last December after GMAC converted to a bank holding company to become eligible for the Treasury Department's Troubled Asset Relief Program.   GMAC Financial Services, which is part-owned by General Motors, is one of 19 lenders that were subject to US government "stress tests" to assess the company's health.   But GMAC failed that test, and losses have increased as the economic downturn hit consumer spending.   GMAC posted a first quarter loss of $675 million, 15 percent greater than in the first quarter of 2008.   The Federal Reserve has waived a rule separating banking and commerce so that GMAC can lend to GM customers. It would otherwise have been unable to do so because GM is a major shareholder in GMAC.   While GM is trying to avoid having to seek bankruptcy protection, Chrysler has already filed for bankruptcy.     *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *