GMAC's performance shows that we're not out of the woods yet

It's been an interesting year for GMAC, if interesting means humbling.

Back in May, the government conducted a series of stress tests and determined that 10 of the largest 19 banks needed to have more capital, if they were going to survive any more economic troubles that might come our way. Then, the 10 were given six months to raise a grand total of $74.6 billion in capital.

Well, here's the good news. Monday, the Federal Reserve announced $77 billion was raised.

But the bad news involves the bank hold company, GMAC Financial Services, the 14th largest bank and the lending device used by many Americans to pay for their cars -- those cars that are built by General Motors and Chrysler. GMAC, which is now 35% owned by the American government, has fallen short of raising its required $11.5 billion and will need what will be its third loan from the U.S. Treasury, which it will likely get through the TARP Automotive Industry Financial Program. That will mean American taxpayers will own even more of GMAC Financial Services.

GMAC is believed to need $5.6 billion in capital.