After a very troubling 2009, financial services company GMAC seems to be back on track, as it announced last week it has managed to raise an additional $1 billion by selling retail auto loans as securities.
The latest transaction brings the total amount of money raised since September 2009 to $7.1 billion. It was achieved by GMAC’s unit Ally Bank selling securities outside of a government-sponsored program, Autonews reported.
In additon, GMAC also announced earlier this month it has comp… (read more)