GMAC, the ailing consumer lender owned by General Motors and Cerberus, the private equity firm, gained access to the US government’s $700bn rescue fund for the financial industry this week after it won a bank charter from the Federal Reserve.
The company could obtain up to $6.3bn in capital from the US Treasury, according to estimates from CreditSights, though GMAC has not disclosed how much it has applied for. A bank charter also grants GMAC eligibility to issue debt guaranteed by the Federal Deposit Insurance Corporation of up to $17.5bn.
