Wednesday, September 12, 2007
GMAC get lifeblood from Citi
--GM sold 51% of controlling stake of GMAC to Cerberus Capital last year
--GMAC replace its exisiting two-year term $10 bil credit line with a one year $21.4 bil one
--financial support from Citi allows GMAC to expand market share after subprime-mortgage crisis knock out more than 100 home-loan mortgage lenders
--ResCap is one of GMAC residential mortgage unit (9th largest US mortgage lender with $41 bil in new loans), injected with money from GMAC last money
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