Reports: GMAC close to getting $3B+ cash injection from U.S. government
GMAC, which is now 35-percent owned by the federal government, now controls financing for both GM and Chrysler. GMAC spokesperson Gina Proia declined to discuss any cash infusion due to the fact that the government hasn't officially announced anything, but she did add that the financing company "has been conducting a strategic review of its business and evaluating options to address the challenges in its mortgage operation." An official announcement is expected later today or sometime Thursday.
[Sources: Detroit Free Press; The Wall Street Journal]
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