BOSTON (Thomson Financial) - GMAC Financial Services Wednesday said the
Federal Deposit Insurance Corp. has granted a 10-year extension of GMAC Bank's
current ownership by extending the existing disposition requirement.
The FDIC's action includes requirements related to capital levels at GMAC
Bank and the company as a whole, GMAC Financial said.
GMAC Financial is a diversified financial services company, and was founded
as a wholly owned subsidiary of General Motors Corp. On Nov. 30, 2006, GM sold a
51% controlling interest in GMAC to a consortium of investors led by Cerberus
Capital Management L.P.
Shares of GM rose 3.3% to $10.17 in early trading.
Casey Logan
cl/vj
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