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GMAC seeks third bailout from US Treasury after stress test

CAR financing company GMAC is in talks with the US Treasury Department about a third bailout of around $5.6bn (&pound;3.4bn).<br /><br />GMAC, which has already received $12.5bn of taxpayer funds, will issue preferred stock, boosting the government&rsquo;s 35.4 per cent stake if existing shares are converted into common equity.<br /><br />GMAC is the only one of the banks that underwent stress tests earlier this year that needs more government capital. <br /><br />The others were able to raise capital on their own and several have already paid back the taxpayer funds they received.<br /><br />The stress test found GMAC needed $11.5bn to shore up its capital base. Last night GMAC sold $2.9bn in government-backed debt to plug the gap.