Apparently $12 billion wasn’t enough to keep GMAC afloat, and now it’s asking the Treasury Department for more bailout money. The government and taxpayers already own 35% of the company. It continues to bleed:
GMAC, which lost $3.9 billion in the second quarter of this year, got into financial trouble largely to many sub-prime mortgages and other real estate loans it made during the housing market bubble. After Treasury certified GMAC as a bank-holding company, it put the lender through a stress test last spring, concluding that it needed to raise $11.5 billion more in capital by mid-November.
