GM Finance Arm Converts, Will Tap Bailout
Fed approves GMAC's request to become bank-holding company
By Ambreen Ali, Newser User
Posted Dec 24, 2008 4:43 PM CST
A GMAC bailout would make it easier for General Motors buyers to get low-interest car loans.   (AP Photo)

(Newser) – The Federal Reserve today approved a request by General Motors’ financial arm to become a bank-holding company so it can petition for money from the $700 billion bailout pot, the Wall Street Journal reports. GMAC would also have access to direct Fed loans, helping loosen credit and complement the $17.4 billion in emergency loans the White House has extended to GM and Chrysler.

View 1 more image
More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
You Might Like
Comments
Be the first to comment on this story.