GM
GM eyes banking charter for auto lending business - WSJ
- General Motors (NYSE:GM) wants to get back into the banking business,
and plans to apply for a banking charter that would allow its lending
unit to hold deposits and expand its auto finance business, *WSJ*
reports.
- General Motors Financial Company has been talking to federal and state
banking regulators for months about forming an industrial loan company
and
could file applications to do so as early as next month, according to the
report.
- GM used this type of charter to operate GMAC, its former lending arm
that nearly failed under the weight of subprime mortgages and was bailed
out by the U.S. government during the 2008 financial crisis.
- A "bang-up quarter will lead to a bang-up five years," Bill Zettler
writes in a bullish report published recently on Seeking Alpha.
|Yesterday, 3:16 PM|21 Comments
GM eyes banking charter for auto lending business - WSJ
- General Motors (NYSE:GM) wants to get back into the banking business,
and plans to apply for a banking charter that would allow its lending
unit to hold deposits and expand its auto finance business, *WSJ*
reports.
- General Motors Financial Company has been talking to federal and state
banking regulators for months about forming an industrial loan company
and
could file applications to do so as early as next month, according to the
report.
- GM used this type of charter to operate GMAC, its former lending arm
that nearly failed under the weight of subprime mortgages and was bailed
out by the U.S. government during the 2008 financial crisis.
- A "bang-up quarter will lead to a bang-up five years," Bill Zettler
writes in a bullish report published recently on Seeking Alpha.
|Yesterday, 3:16 PM|21 Comments
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