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GMAC Bank was a division of GMAC Financial Services, offering CDs and Money Market Accounts. In 2010, GMAC Bank became Ally Financial. The GMAC brand name has a long and storied history; in 1919, General Motors created the General Motors Acceptance Corporation (GMAC) to provide auto loans to American consumers. GMAC Bank was officially formed in 2000.
GMAC began originating mortgages in 1985 and was a large player in the subprime mortgage industry during the 2000s. This would eventually lead to massive losses during the subprime mortgage crisis. GMAC received over $10 billion from the US government’s Troubled Asset Relief Program (TARP) in 2008-2009. The bank became Ally Financial on May 10, 2010. GMAC's mortgage division filed for bankruptcy in 2012, and Ally Financial does not currently originate home loans.
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