UPDATE 1-U.S. offers $6 bln to support auto lender GMAC

Newswire

(Adds details) WASHINGTON, Dec 29 (Reuters) - The U.S. government said on Monday it was pumping $5 billion into auto and mortgage lender GMAC LLC and lending up to $1 billion to automaker General Motors, ensuring the solvency of a company considered crucial to GM's survival. The Treasury Department said it would buy $5 billion in senior preferred equity with an 8 percent dividend from GMAC. It also said it is lending up to $1 billion to GM to help GMAC reorganize itself as a bank holding ...

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