GMAC Financial Services Granted 10-Year Extension of FDIC Disposition Requirement for GMAC Bank

NEW YORK -- GMAC Financial Services has been granted by the Federal Deposit Insurance Corporation (FDIC) a 10-year extension of GMAC Bank's current ownership by extending the existing disposition requirement that was established in connection with the sale of a majority stake in GMAC.

"We are very pleased with the FDIC's prompt action on our waiver request," said GMAC Chief Executive Officer Alvaro G. de Molina. "The long-term extension granted by the FDIC will permit us to strengthen GMAC Bank, which provides an important source of funding for mortgage and automotive financing activities.

"This development along with the successful completion of the global refinancing announced last month helps to enhance flexibility during this turbulent market environment," said de Molina.

The FDIC's action includes requirements related to capital levels at GMAC Bank and the company as a whole.