# GMAC is now a bank

**URL:** <https://forums.speedlife.net/t/gmac-is-now-a-bank/60296>\
**Category:** NYSpeed Off Topic\
**Created:** [December 26, 2008, 8:41am UTC](https://forums.speedlife.net/t/gmac-is-now-a-bank/60296 "2008-12-26T08:41:26Z")\
**Posts on this page:** 3\
**Page:** 2

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**Author:** ![Xander](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/xander/32/7597_2.png) [@Xander](https://forums.speedlife.net/u/Xander)\
**Post date:** [December 30, 2008, 10:48am UTC](https://forums.speedlife.net/t/gmac-is-now-a-bank/60296/21 "2008-12-30T10:48:38Z")

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Good for them. :tup:

X…

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**Author:** ![BigRon](https://avatars.discourse-cdn.com/v4/letter/b/58956e/32.png) [@BigRon](https://forums.speedlife.net/u/BigRon)\
**Post date:** [December 30, 2008, 11:34am UTC](https://forums.speedlife.net/t/gmac-is-now-a-bank/60296/22 "2008-12-30T11:34:39Z")

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It is the first company that I have seen that goes out and buys deeper and buys more paper right after they get tarp funds

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**Author:** ![BigRon](https://avatars.discourse-cdn.com/v4/letter/b/58956e/32.png) [@BigRon](https://forums.speedlife.net/u/BigRon)\
**Post date:** [December 31, 2008, 7:03am UTC](https://forums.speedlife.net/t/gmac-is-now-a-bank/60296/23 "2008-12-31T07:03:55Z")

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This can’t be good:

The lending arm of General Motors Corp. says it raised $17.5 billion in the exchange offer with noteholders, while its home-loan segment, Residential Capital, raised $3.7 billion.

The announcement comes after GMAC was promised a total of $6 billion in aid from the Treasury Department. That would bring the total amount of cash raised or promised to $27.2 billion – $2.8 billion shy of the $30 billion needed for the lender to become a bank holding company.

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