GMAC renews $13.8 bln funding facility
NEW YORK, Sept 19 (Reuters) - GMAC LLC, the auto finance and mortgage company, said on Friday it has agreed to renew a funding facility with Citigroup (C.N) for up to $13.8 billion to fund auto loans and mortgages.
GMAC can access $10.1 billion immediately through the facility and will be able to use a further $3.7 billion if the risk from the facility is successfully parceled out to other banks.
GMAC and Citi agreed to the facility on Sept. 11, according to a filing with the U.S. Securities and Exchange Commission on Friday. The facility applies to assets across GMAC and its Residential Capital LLC mortgage unit.
The company has lost money in four consecutive quarters and has been struggling as losses at its ResCap mortgage arm have mounted.
GMAC is owned by private equity firm Cerberus Capital Management LP [CBS.UL] and the automaker General Motors Corp GM.N. (Reporting by Elinor Comlay, editing by Richard Chang)
