Last Wednesday the US Fed cleared the way for GMAC (GM owns 51%) to become a holding bank so it can get access to the Fed’s $700 million bailout bank rescue fund citing emergency conditions. GMAC now only has a final hurdle to overcome; it must do a debt-for-equity exchange by the end of today. No information was provided by GMAC as to how this structure would be completed. GMAC has applied for $6 billion in aid from the rescue plan by the Fed. GMAC has lost just under $8 billion in the last two or so years alone. Under the plan the company can sell up to $17.5 billion in bonds and wouldn’t have to take extraordinary measures to raise capital by selling assets.