Debt USA 21-11-2008 GMAC Applies for Status as Bank and Begins Debt Swap GMAC applies for status as a bank holding company to gain access to a $700 billion Treasury rescue fund. GMAC LLC, the largest lender to General Motors Corp. car dealers, applied for status…… Sign in or Upgrade to Continue Reading This news article is over 10 days old. Subscribe today to access all articles with an annual subscription. Become a member Learn more Already a subscriber? Log in here #bank#CIT#guarantees#management#risk