GMAC applies for bank status

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NEW YORK (Reuters) - The money-losing finance company GMAC said on Thursday it has filed to become a bank holding company, joining the growing list of lenders making such a move in a bid to secure U.S. Treasury funds.

GMAC said its application for funds from the government's $700 billion Troubled Asset Relief Program is conditional on its becoming a bank.

The company, which had previously said it was contemplating becoming a bank, did not disclose how much it might seek from the government.

Private equity firm Cerberus Capital Management LP owns 51 percent of Detroit-based GMAC and automaker General Motors Corp owns 49 percent.

GMAC follows other financial, non-bank companies such as credit card company American Express Co and commercial lender CIT Group in applying for bank status and Treasury funds.

GMAC hopes to have increased funding flexibility as a bank. The credit crunch has made it hard for the company to raise capital, and slumps in the mortgage and housing markets have battered its earnings.

The troubled finance company also said in the statement on Thursday that it is exchanging and offering cash for about $38 billion of outstanding debt at GMAC and its mortgage subsidiary Residential Capital to increase capital.

The company, which has been the primary lender to GM customers but has curbed loans to borrowers who do not have good credit, lost $2.52 billion in the third quarter, its fifth straight quarterly loss.

(Reporting by Elinor Comlay; editing by John Wallace)

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