Financial Roundup: GMAC Bailout Breaks Limits, Credit Card Rule Speedup, UBS Unloads Chinese Bank Shares, "Mark to Market" Stays

Treasury exceeds bailout limits — The federal government’s generous $6 billion investment in car financier GMAC has tipped the $350 billion limit in the bailout program by $4.4 billion. But who’s counting? GMAC suddenly has announced lots of zero percent financing deals to move vehicles made by troubled General Motors. [Source: The Washington Post]

Congress might accelerate credit card rules – U.S. Rep. Carolyn Maloney wants to speed up the Fed’s consumer-friendly changes in credit cards rules. Currently, the new rules take effect July 1, 2010. [Source: American Banker]

UBS unloads share in Chinese bank – UBS has sold its stake worth around $900 million in the Bank of China. The Swiss bank bought its stake for about $500 million in 2005. [Source: The Associated Press]

No suspension in “mark to market” accounting –  As expected, the SEC has told Congress against suspending controversial “mark to market” accounting but suggests changes to better handle illiquid markets. Bank lobbyists had complained that the accounting method had forced banks to write off still-good assets. [Source: the SEC]

Here’s a happy thought – If  recovery comes in 2009, financial stocks will lead the way. Seems fair, bsince they led the downturn in 2008. [Source: The Wall Street Journal]