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Thursday, November 20, 2008

GMAC applies to become bank holding company

Minneapolis / St. Paul Business Journal

GMAC Financial Services is seeking approval to become a bank holding company, a move that could give it access to federal bailout funds.

The company also said it is launching exchange and tender offers to buy outstanding notes held by the firm and its subsidiaries, including Residential Capital, its battered mortgage division based in Richfield.

GMAC said attaining bank holding company status would give it “increased flexibility and stability to fulfill its core mission.”

The move is meant to support both ResCap and its automotive financing arm. Earlier this month, ResCap said without financial support from its parent company, it might not survive.


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