Ally Bank http://michiganradio.org en GM rebuilds its finance arm with Ally purchase http://michiganradio.org/post/gm-rebuilds-its-finance-arm-ally-purchase <p>General Motors was a deeply troubled company in 2008.</p><p>Eh.&nbsp; Make that deeply, deeply, deeply troubled.</p><p>So was its finance arm, GMAC, which had plunged head-first into subprime mortgage lending, in addition to automotive lending.&nbsp; That left the company awash in billions of dollars worth of&nbsp;bad mortgages.</p><p>The federal government had to figure out a way to bail out both companies&nbsp;- because GM wouldn't&nbsp;survive if it didn't have a place to send customers&nbsp;for car loans, and if its dealers didn't have a place to get financing to buy the inventory.</p> Thu, 22 Nov 2012 21:55:41 +0000 Tracy Samilton 10037 at http://michiganradio.org