The Office of the Comptroller of the Currency said in its semiannual report that stretching terms and higher advances are a concern. The agency said it will continue to monitor the market and will take action when warranted.
The U.S. Department of the Treasury announced this week that it expects to sell 410,000 shares of Ally Financial Inc. common stock in a private offering at $7,375 per share. The sale is part of the department’s continued effort to wind down the Troubled Asset Relief Program.
Ally Financial Inc. announced on March 2 that the U.S. Department of the Treasury will be repaid $2.7 billion from the sale of all the Trust Preferred Securities that the Treasury holds in Ally. This represents the full value of the Treasury's investment in these securities.
An audit prepared by a watchdog agency says last year’s decision by General Motors Co., Chrysler LLC and the Obama administration’s Auto Task Force to terminate franchise agreements with hundreds of dealers was made in haste.
The Congressional Oversight Panel criticized the Treasury Department last week for its decision to save the struggling GMAC Financial Services without requiring it to provide an exit strategy, proof of viability or plan to fully repay taxpayers.
GMAC Financial Services announced a series of actions intended to strengthen the company's capital base, position it for improved financial performance, minimize further adverse effects on GMAC related to Residential Capital LLC (ResCap), and improve access to the capital markets over time.
According to a recent report by the National Taxpayers Union, American taxpayers have paid $12,200 for every General Motors vehicle sold through the beginning of 2011, and $7,600 for every Chrysler vehicle sold.
An insider confirmed on Wednesday reports that GMAC Financial Services Inc. is in discussions with the U.S. Treasury Department for a third-round of taxpayer-backed funding – one of two moves the auto finance company made this week to shore up its capital position ahead of an impending regulatory deadline.
The Federal Reserve Board and the Treasury Department announced Monday that they approved an extension to the Term Asset-Backed Securities Loan Facility (TALF), and said they do not anticipate any further additions to the types of collateral that are eligible for the facility.
The U.S. Department of the Treasury announced on June 9 that 10 of the largest U.S. financial institutions participating in the Capital Purchase Program (CPP) have met the requirements for repayment established by the primary federal banking supervisors.
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