GMAC Files Application With Federal Reserve to Become Bank Holding Company

Well, we can't say this comes as much of a surprise:

GMAC Financial Services ("GMAC") today announced that it has submitted an application to the U.S. Federal Reserve Board of Governors for approval to become a bank holding company under the Bank Holding Company Act of 1956, as amended (the "BHC Act"). GMAC also announced today that it has submitted an application to the U.S. Treasury to participate in the Capital Purchase Program created under the Emergency Economic Stabilization Act of 2008, conditional upon becoming a bank holding company.