GMAC Financial strives to become bank-holding company

10/31/2008 | Reuters

Four months after finishing its $60 billion refinancing package, GMAC Financial Services is in talks with federal regulators about transforming into a bank-holding company. The U.S. auto-finance and mortgage provider also said it is planning to reduce and revamp its debt load. Becoming a bank-holding company would facilitate GMAC's participation in the Treasury's recapitalization scheme.

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