GMAC Gets OK for Fed's CP program

General Motors Acceptance Corp. -- which controls the nation's seventh largest residential servicer -- has received approval from the Federal Reserve to participate in its new "Commercial Paper Funding Facility" program. In a recent SEC filing it was disclosed that GMAC forgave $101.5 million of "indebtedness" to the servicing unit, Residential Capital Corp. According to a report on Bloomberg, GMAC also is considering becoming a bank holding company. GMAC is the parent of ResCap, which has a bank affiliate, GMAC Bank. The FDIC-insured depository is based in Midvale, Utah, and at year-end had $18.2 billion in real estate loans on its books. What's left of GMAC's warehouse lending business is being done out of the bank, according to one source familiar with the operation. At press time a GMAC spokeswoman had not returned a telephone call about its bank holding company plans.