U.S. Treasury Secretary says GMAC will get federal funding

The Detroit News reports:

GMAC will get less than the $5.6 billion in additional federal support that the government was considering, Treasury Secretary Timothy Geithner said Thursday.

Geithner said the amount likely will be "a little lower than we anticipated," but he didn't say when it might be announced.

Detroit-based GMAC and the Treasury Department have been in talks to finalize the amount of new capital, in exchange for equity and stock. The lender, which has received $13.4 billion in government capital, has asked the U.S. Treasury to hold off on making the new capital infusion, so it can assess how much is needed.