UNIQUE TREATMENT OF GMAC UNDER TARP -- UNIQUE TREATMENT OF GMAC UNDER TARP -- CONTENTS -- PREFACE -- Chapter 1 MARCH OVERSIGHT REPORT: THE UNIQUE TREATMENT OF GMAC UNDER THE TARP -- GMAC EXECUTIVE SUMMARY* -- SECTION ONE: GMAC -- A. Overview -- B. Automotive Industry Financing -- C. GMAC's Business, its Structure, and Why it was Failing -- 1. Company Overview and Recent History -- 2. BHC Application and Approval -- a. Rationale for Application -- b. BHC Approval -- c. GMAC's Section 23(a) Exemption -- d. Impact of BHC Approval -- 3. GMAC's Relationship with GM -- a. Captive Era -- b. Post-captive Era -- c. Other Issues Raised by GM/GMAC Relationship -- 4. Global Automotive Finance -- 5. Mortgage Operations -- D. History/Timeline of Various Stages of Investment -- 1. GMAC before December 24, 2008 -- 2. Timeline of TARP Investments: December 2008-December 2009 -- a. December 2008 Investment -- b. May 2009 Investment -- c. December 2009 Investment -- 3. Government Support from Programs Other Than the TARP -- a. The FDIC's Temporary Liquidity Guarantee Program -- b. The Federal Reserve's Discount Window and Term Auction Facility -- c.The Federal Reserve's Term Asset-Backed Securities Loan Facility -- d. The Federal Reserve's Commercial Paper Funding Facility -- 4. Impact of the TARP on Executive Compensation -- E. Justification for the Rescue of GMAC -- 1. GMAC's Significance to the Financing of the Automotive Industry -- a. Automobile Companies' Reliance on GMAC -- b. Could Financing Have Been Provided by Other Market Participants? -- 2. Commitments Made by Treasury -- 3. Systemic Importance of GMAC: Could it Just be Permitted to Fail? -- 4. Treasury's Explanations for why Bankruptcy Law Could Not be Used and Why ResCap Could Not be Abandoned in a Restructuring -- F. GMAC and the Stress Tests -- G. GMAC and the AIFP: A More Lenient Approach.

1. Due Diligence and Demonstrations of Viability -- 2. Consequences to Shareholders -- 3. Bankruptcy -- H. Exit Strategy and Expected Returns from the GMAC Investment -- 1. Treasury's Options for Divesting the GMAC Stake -- 2. GMAC's Current Strategy -- 3. The Forthcoming Business Plan -- 4. Treasury's Approach to Managing its Shareholder Interests -- 5. Evaluating the Investment: Current and Required Value -- I. Conclusion and Recommendations -- SECTION TWO: ADDITIONAL VIEWS -- A. J. Mark McWatters and Paul S. Atkins -- SECTION THREE: CORRESPONDENCE WITH TREASURY UPDATE -- SECTION FOUR: TARP UPDATES SINCE LAST REPORT -- A. TARP Repayments -- B. CPP Warrant Dispositions -- C. CPP Monthly Lending Report -- D. Term Asset-Backed Securities Loan Facility -- E. Help for Hardest Hit Housing Markets -- F. Metrics -- G. Financial Update -- 1. The TARP -- a. Costs: Expenditures and Commitments -- b. Income: Dividends, Interest Payments, CPP Repayments, and Warrant Sales -- c. TARP Accounting -- d. Rate of Return -- e. TARP Warrant Disposition -- 2. Other Financial Stability Efforts -- Federal Reserve, FDIC, and Other Programs -- 3. Total Financial Stability Resources (as of December 31, 2009) -- SECTION FIVE: OVERSIGHT ACTIVITIES -- Upcoming Reports and Hearings -- SECTION SIX: ABOUT THE CONGRESSIONAL OVERSIGHT PANEL -- ACKNOWLEDGMENTS -- APPENDIX I: LETTER FROM SECRETARY TIMOTHY GEITHNER TO CHAIR ELIZABETH WARREN, RE: RESPONSE TO QUESTIONS ON EXECUTIVE COMPENSATION, DATED FEBRUARY 16, 2010 -- WRITTEN RESPONSES TO LETTER FROM CHAIR WARREN DATED DECEMBER 24,2009 -- End Notes -- Chapter 2 OPENING STATEMENT OF ELIZABETH WARREN, CHAIR OF THE CONGRESSIONAL OVERSIGHT PANEL - CONGRESSIONAL OVERSIGHT PANEL HEARING ON GMAC FINANCIAL SERVICES -- Chapter 3 OPENING STATEMENT OF RICHARD NEIMAN - CONGRESSIONAL OVERSIGHT PANEL HEARING ON GMAC FINANCIAL SERVICES.

Chapter 4 WRITTEN TESTIMONY OF RON BLOOM, SENIOR ADVISOR TO THE SECRETARY OF THE TREASURY, AND JIM MILLSTEIN, CHIEF RESTRUCTURING OFFICE, U.S. DEPT. OF THE TREASURY, BEFORE THE CONGRESSIONAL OVERSIGHT PANEL -- BACKGROUND ON AUTO INDUSTRY INVESTMENTS -- BACKGROUND ON AUTO FINANCE MARKET -- GMAC -- Chrysler Financial -- Additional Auto Finance Programs -- Conclusion -- End Notes -- Chapter 5 WRITTEN STATEMENT OF MICHAEL A. CARPENTER, GMAC CHIEF EXECUTIVE OFFICER, GMAC FINANCIAL SERVICES, BEFORE THE CONGRESSIONAL OVERSIGHT PANEL -- INTRODUCTION -- GMAC'S STRATEGIC DIRECTION -- REPAYMENT OF THE TARP INVESTMENT -- STATE OF THE AUTOMOTIVE FINANCING SECTOR -- Chapter 6 WRITTEN STATEMENT OF ROBERT S. HULL, GMAC CHIEF FINANCIAL OFFICER, GMAC FINANCIAL SERVICES, BEFORE THE CONGRESSIONAL OVERSIGHT PANEL -- INTRODUCTION -- IMPACT OF TARP ASSISTANCE: -- SUPPORTING THE AUTOMOTIVE SECTOR -- CAPITAL RESTRUCTURING AND STRATEGIC INITIATIVES -- Chapter 7 STATEMENT BY CHRISTOPHER WHALEN, CONGRESSIONAL OVERSIGHT PANEL - HEARING ON GMAC TARP ASSISTANCE -- IRA Bank Stress Index Rating - Ally Bank - Q4 2009 -- Auto Industry Financing -- The Manner of Treasury's Involvement -- The Outlook for GMAC -- CHRISTOPHER WHALEN -- Managing Director Institutional Risk Analytics -- APPENDIX A -- End Notes -- CHAPTER SOURCES -- INDEX -- Blank Page.