Hints and tips:
...Pearson Vue, its computer-based testing arm, has a long-term agreement with GMAC to distribute its GMAT test, an established criterion for entry on to graduate management programmes....
...Ally itself is majority-owned by the US Treasury and used to be known as GMAC, the financing arm of General Motors....
...ResCap was placed into bankruptcy in May by Ally Financial, formerly know as GMAC, the lending arm of General Motors that was bailed out with $17.1bn of taxpayers’ money as part of the 2009 rescue of the...
...Big banks such as Citigroup have repaid crisis-era aid to the US government and the Treasury’s stake in AIG has fallen to a sixth, leaving Ally Financial, once called GMAC, in the dust....
...The former financing arm of General Motors, which used to be called GMAC, Ally had to pull a previous IPO because of fears about its liabilities for failed mortgages....
...Earlier this week Berkshire had sought to replace Ally, which was known as GMAC, the financing arm of GM until its bailout, as the stalking horse bidder for ResCap’s loan portfolio....
...The Berkshire bids are the latest twist in a battle between Ally, which was the financing arm of GM and went by the name GMAC before the $17.1bn government bailout, and Mr Buffett’s company....
...Ally Financial used to be known as GMAC, the financing arm of General Motors....
...Ally, 74 per cent owned by the US Treasury, used to be known as GMAC, the financing arm of General Motors....
...GMAC was bailed out by the government last year along with its parent, the carmaker GM....
...In the second quarter, ResCap accounted for almost one-third of GMAC’s $565m in profits....
...News of the carve-out from GMAC comes as the group continues to seek a buyer for ResCap, its mortgage lending arm, at a sufficient price....
...Four US financials — Bank of America, JP Morgan Chase, GMac/Ally, PNC — have halted foreclosures in all or some US states while they sort out technical deficiencies in their paperwork process....
...The company has also been on a buying spree in Europe, where it bought GMAC’s residential mortgages arm, and in Japan. It also intends to buy more hedge funds....
...Michael Carpenter, GMAC chief executive, said the assets being sold would remove a “disproportionate” amount of risk from GMAC’s books....
...Ally Financial, the financing company formerly known as GMAC that was rescued by the US government, reported its second consecutive quarterly profit on Tuesday, driven by a recovery in car and home loans...
...GMAC also said that it was noticing stabilisation in the car financing market....
...GMAC, the troubled car and home lender, on Tuesday said that Robert S....
...GMAC, the consumer lender majority owned by the US government, on Monday agreed to sell its $12bn European mortgage business to Fortress Investment Group....
...GMAC said it plans to repay some Tarp funds by selling shares to the public in an initial public offering. The report warned that those moves may be hampered by GMAC’s high levels of maturing debt....
...“We’re helping to support medium-sized businesses in this country,” said Stuart Brister, a former GMAC executive, who is president of Wells Fargo trade capital division....
...GMAC said De Molina had resigned at the request of the board rather than the government, and would be replaced by Michael Carpenter, a GMAC director who has been at the helm of Salomon Smith Barney; Travelers...
...GMAC provides finance to GM and has assumed the same role for Chrysler....
...GMAC was then left with an $8bn hole to plug by November 9....
...The new holdco housed Chrysler Corp LLC – producer of Chrysler, Dodge and Jeep branded vehicles – and Chrysler Financial....
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