GMAC’s bid to become bank holding company stalled in bid to gain access to government aid money. Four former Fannie Mae and Freddie Mac executives testify before a House committee. Fannie and Freddie’s executives ignored warnings on risky mortgages. The White House and congressional Democrats reached an agreement on Tuesday evening on the $15 billion plan to bail out the automakers. A “Car Czar” would take over running a nationalized car industry if the bailout of the industry is voted and approved by Congress.”]
Source: https://www.cuinfosecurity.com/gmac-stalled-in-bid-to-become-bank-a-1102