Following several months of uncertainty and one change in management, GMAC Financial Services announced it has received an infusion of $3.7 billion from the US Treasury, in the form of capital actions. The Treasury will purchase $2.54 billion of trust preferred securities, with a coupon of 8 percent, and $1.25bn of mandatory convertible preferred securities (MCP), with a coupon of 9 percent, just-auto.com reported.
The support given by the Treasury will help GMAC improve its finan… (read more)