The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: Bank Holding Company	5/7/2009 11:58:26 PM
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Fed tells GMAC to raise $13.1 bln By Shawn Langlois Last update: 4:22 p.m. EDT May 7, 2009 SAN FRANCISCO (MarketWatch) -- The Federal Reserve on Thursday reportedly told GMAC, the lending unit of General Motors Corp. (GM:General Motors Corp GM 1.60, -0.06, -3.6%) , to raise $13.1 billion in capital to ensure the company's stability amid heavy losses. The amount is among the biggest required for any U.S. financial institution, the Washington Post reported, and could be difficult for GMAC to raise. The company has had a tough time raising money from private investors in the past and has already received $5 billion in federal aid.

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