GMAC Inc. (GJM) is close to getting about $3 billion to $4 billion in additional aid from the U.S. Government, media reports on Tuesday citing to people familiar with the situation.
A deal may be reached within days as GMAC incorporates losses from its home-loan businesses. The objective is to restore the company to profit in the first quarter of 2010, the people said.
The new capital would likely allow GMAC to avoid placing its ailing mortgage unit, Residential Capital LLC, or ResCap, into bankruptcy, the people said.
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