GMAC sold?

[omicron]

I got a letter from GMAC bank over the weekend saying they are sold and the new bank is Utah Bank (I think). I googled it and only found this:

http://news.morningstar.com/news/DJ/M11/D15/200611151839DOWJONESDJONLINE001004.html

Anybody know anything? I hope they don't lower the rates.

"The FDIC said that within two years, GMAC's ownership group must either divest control of the bank, terminate the bank's insured status, become a registered bank or thrift holding company, or apply for a special waiver from the FDIC."

[sweeps]

Re: GMAC sold?

Yes, GM sold GMAC off to a private investment group. Doesn't change much in the short term. But what it means for the long term, no one knows.

[CRFSaver]

Re: GMAC sold?

GMAC sold approximately 50% of itself to Cerberus which is a private equity fund controlled by Citibank and others. GM has the right to purchase that stake back from Cerberus in the future.