GMAC NEEDS A LOT OF MONEY

News Alert - http://www.washingtonpost.com?referrer=email 3:35 p.m. ET Friday, May 7, 2009 Government Says GMAC Must Raise $13.1B - www.washingtonpost.com The Federal Reserve has ordered the financing arm of General Motors to raise $13.1 billion in new capital to ensure the firm’s stability in the face of heavy losses in mortgage and auto lending and costs related to taking over new loans for Chrysler dealers and customers, said sources familiar with talks between government and industry officials. The sum is among the biggest required for any U.S. financial institution, and could prove difficult for GMAC to raise because of the limited nature of its business and poor quality of its loans. For more information, visit washingtonpost.com - http://www.washingtonpost.com?