U.S. Fed: 9 of 10 large banks met capital goals

(Adds details from Fed statement, background)

WASHINGTON, Nov 9 (Reuters) - The Federal Reserve on Monday said nine of 10 large banks ordered to raise capital in May had met or exceeded their goals, with the exception of GMAC LLC, a firm still negotiating for a fresh infusion of taxpayer funds.

The Fed said that together, the 10 institutions determined by regulator stress tests to need bigger cushions against losses had boosted their Tier 1 common equity by $77 billion -- exceeding the $74.6 billion they were told to raise.

"The one exception, GMAC, is expected to meet its remaining buffer need by accessing the TARP Automotive Industry Financing Program, and is in discussions with the U.S. Treasury on the structure of its investment," the Fed said in a statement.

GMAC was ordered to raise $11.5 billion in the six months following the stress tests results in early May, with a deadline of Monday. The firm quickly received a $7.5 billion capital injection and has sold government-backed debt, but Treasury officials have said they knew it was likely the government would need to contribute more capital to the company because as a privately held firm, it had little ability to sell shares.

GMAC's owners include the General Motors Co [GM.UL], and private equity firm Cerberus Capital Management [CBS.UL]. Among other lending, it provides financing to buyers of vehicles made by GM and Chrysler Group -- two automakers with big government stakes.

The Fed's announcement that GMAC was still negotiating for government capital comes four days after Treasury assistant secretary Herbert Allison told Reuters in an interview that the Treasury needed more deliberation over the structure of the investment and it might be delayed past the Monday deadline.

But the Fed said the bank holding companies together raised $71 billion in common equity by issuing shares or other eligible securities totaling $39 billion; converting $23 billion worth of existing preferred shares to common equity; and selling businesses or asset portfolios to increase common equity of $9 billion.