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News Link • Economy - Economics USA

Taxpayers Have to Sweeten Deal: Old GMAC Mortgage Won't Sell Without it

Frustrated by the pace of the sale of GMAC's struggling mortgage company, Residential Capital, the US Treasury is considering sweeteners, including government-funded guarantees, in order to lure offers, sources have told The Post. According to people familiar with the matter, Treasury Secretary Timothy Geithner has gotten personally involved in the decision process, which is expected to be wrapped up within the next two weeks. Geithner's involvement, and the talk of government guarantees, which could be in the form of capping ResCap's liabilities, signals the challenges that GMAC has had in unloading ResCap.

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