GMAC Files For Banking Status In Effort To Access $700 Billion Bailout Package

 GMAC Financial Services, the lender partly owned by General Motors (GM Quote - Cramer on GM - Stock Picks), has asked the Federal Reserve for clearance to become a bank holding company, which would make it eligible for funds under the government's Troubled Asset Relief Program.

Additionally, GMAC asked the Treasury Department to allow it to participate in the Capital Purchase Program created under the Emergency Economic Stabilization Act of 2008, provided it is declared a bank holding company.

As a bank, GMAC said it would "obtain increased flexibility and stability to fulfill its core mission of providing automotive and mortgage financing to consumers and businesses." GMAC, which is majority owned by private equity firm Cerberus, said the change would shore up its capital position.

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09CTSVforMe - 11/20/2008 10:07:19 PM

-2 Boost

Scratching at straws.

The Big 3 need to go down to realize they are not viable in their current existence.

TARP was never intended for car loan defaults. Get over it Detroit, and make an f-in attempt to realize you ARE NOT ABLE TO CONTINUE DOING BUSINESS AS USUAL!!!

You get NONE onf my taxpayers dollars until you can show me you have the ability to operate differently and profitably.

NONE.

Buh-bye Wagoner and Mullaly.

I could (and would) do a better job than you fools, even without a private jet.