GMAC’s Lower Cost of Funds Undercuts Competition, Boosts Bonds
Aug 3rd, 2009 | Category: Insurance Today(Bloomberg) – GMAC Inc., the money-losing lender labeled too big to fail by the U.S., has used government guarantees to slash its borrowing costs and undercut profitable lenders, lifting its bond prices by 80 percent since March. GMAC sold $3.5 billion of federally backed bonds in June at a 2.2 percent yield, 65 percent below […]