SubscribeAll Posts Tagged With: "FICO"
GMAC Loosens Credit Reins After $6 Billion Treasury Loan
The U.S. Treasury has agreed to lend $6 billion to GMAC LLC (GOM), the financing arm of General Motors Corp. (GM), in the latest government effort to keep the biggest U.S. automaker out of bankruptcy.
GMAC immediately announced looser credit lending standards that could make approximately 60 million Americans eligible for its car loans and leases. The company also said it would expand further into the retail banking industry with plans to access even more funds from the Treasury’s Troubled Asset Relief Program (TARP).
GMAC will “continue to pursue†other ways to boost liquidity, including applying for a Federal Deposit Insurance…
31Dec2008 | Money Morning | 0 comments | Continued
Loading ...
