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2009

November

GMAC names Michael A. Carpenter Chief Executive Officer

October 

Completed $2.9 billion debt offering guaranteed by the FDIC under the Temporary Liquidity Guarantee Program

September

Ally announces online savings products in Canada

Ally Bank launches ABS transaction that is eligible for the Term Asset-Backed Securities Loan Facility (TALF)

GMAC expands leasing to Chrysler

June 

Completed $4.5 billion debt offering guaranteed by the FDIC under the Temporary Liquidity Guarantee Program

May 

GMAC Bank rebranded Ally Bank

Sold $7.5 billion of mandatorily convertible preferred interests and warrants to the U.S. Treasury under TARP

Received expanded exemption from the Federal Reserve to allow Ally Bank to fund more automotive finance assets

New GMAC board of directors is named

April 

Took additional actions to reduce stress on U.S. auto dealers and expanded the amount of credit available to retail customers

Entered into agreement to provide financing for Chrysler dealers and customers

January

Completed rights offering for $1.25 billion of common equity equivalents

GMAC purchased ResCap’s interest in GMAC Bank 

2008

December  

Granted approval to become bank holding company

Received capital contribution of $750 million from existing shareholders

Sold $5 billion of preferred membership interests to the U.S. Treasury Department under TARP

Expanded consumer auto financing

Completed GMAC and ResCap bond exchanges, raising $11.7 billion of capital*

Year-end 2008 assets were reduced by approximately 24 percent compared to the prior year end

Year-end 2008 unsecured debt was reduced by roughly 50 percent compared to year-end 2007

*_{Capital raised includes $11.4 billion from gain on transaction and $0.2 billion book value of new preferred interests.}

November 

Announced sale of GMAC Re

September 

Announced ResCap restructuring and sale of GMAC Home Services

July 

Sold Commercial Finance unit in Poland

June 

Completed one of the largest global bank line refinancings ever, covering more than $60 billion of refinanced debt and new facilities

Completed ResCap bond exchange

February 

Announced North American Auto Finance restructuring