GMAC Wants To Be A Bank

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According to MarketWatch: "GMAC Financial Services, said Thursday it has applied to become a bank holding company to access emergency cash under the U.S. Treasury’s Capital Purchase Program. As a bank holding company, GMAC said it will be a more flexible and stable provider of automotive and mortgage loans to consumers and businesses, as well have expanded opportunities for funding and for access to capital."

Douglas A. McIntyre