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GMAC and IndyMac News


GMAC and IndyMac are still in the news. As Reuters reported, GMAC has yet to release the results of a bondholders' vote:
GMAC LLC expects to soon announce the results of a debt exchange offer that is key to North America's largest auto finance company's capital levels

The article mentioned that the bank holding company approval was not contingent on the bond exchange but the completion of the bond exchange is still important for GMAC's capital levels. Last week the Federal Reserve approved GMAC’s application to become a bank holding company.

GMAC is the parent of GMAC Bank. We'll have to see how greater stability at GMAC will affect the bank and its rates in the future months. GMAC Bank continues to offer a competitive 4.00% APY 12-month CD (see post).

WSJ reported that a private-equity firm is the likely buyer of the failed IndyMac Bank:
New York private-equity firm Dune Capital Management L.P. has emerged as a potential buyer of the failed IndyMac Bank, according to people familiar with the situation ... Founded in 2004, Dune is led by two former Goldman Sachs & Co. executives

The FDIC-controlled IndyMac continued offering competitive CD and money market rates since the FDIC took control of the bank in July. It's still not certain that the new buyer will honor the existing IndyMac CD rates, but it seems likely that they will.

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Anonymous   |     |   Comment #1
CNBC: $5B from Treasury's TARP bailout, preferred stock warrants to pay 9%.
Anonymous   |     |   Comment #2
People who are invested in the GM Demand Notes program must be breathing a "sigh of relief". They can still rake in the generous 5.25% APY current offering.
Anonymous   |     |   Comment #3
On whether Indymac's buyer would honor existing CD terms, I was referred to an Indymac vice president who assured me today that Indymac is bound by all the terms of new CD's opened after the July bank takeover, and that the CD agreement nowhere, expressly or impliedly, allows the bank to terminate the CD or force a change in the CD interest rate just because of a sale or merger of Indymac into another bank.

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