GMAC Gains 10-Year Extension from FDIC
NEW YORK — GMAC Financial Services announced Wednesday that the Federal Deposit Insurance Corp. has granted a 10-year extension of GMAC Bank's current ownership by extending the existing disposition requirement that was established in connection with the sale of a majority stake in GMAC.
"We are very pleased with the FDIC's prompt action on our waiver request," stated Alvaro de Molina, GMAC chief executive officer. "The long-term extension granted by the FDIC will permit us to strengthen GMAC Bank, which provides an important source of funding for mortgage and automotive financing activities.
"This development along with the successful completion of the global refinancing announced last month helps to enhance flexibility during this turbulent market environment," concluded de Molina.
The FDIC's action includes requirements related to capital levels at GMAC Bank and the company as a whole.