GMAC may need govt support

NEW YORK: GMAC, the auto and mortgage lender, will likely be forced to seek more taxpayer help in its effort to raise $11.5 billion of new capital.

But unlike the nine other lenders that underwent similar tests and were deemed to require more capital GMAC has few obvious ways to raise the sum it needs. While it could convert preferred shares issued as part of a $6 billion federal bailout in December, that would get it only about halfway to the target.