Back when Bush was in office, all the bad news was released on Friday around 5 pm. Thank Gawd it’s not Friday but … DANG it’s close to 5 pm when this news came out today.

Our government has purchased another $3.8 dollars in stock from GMAC. GMAC makes consumer loans for new car purchases and finances car dealers. But the company’s executives also had to run a mortgage company, now called ResCap. The Board bought two mortgage companies start ResCap. ResCap is bleeding red ink, about $747 million during the third quarter. This quarter, GMAC lost $767 million with no break down of how much was from ResCap.

The auto financing division made a profit of $395 million.

Let’s hope the Federal band aid heals the problem. Taxpayers now own over 50% in GMAC.

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