GMAC Mortgage Corp.'s application last week for a thrift charter marks the first time since the thrift industry crisis that a conventional mortgage company has sought to form a federal savings bank.

The move could provide the Horsham, Pa.-based unit of General Motors with a number of benefits, observers say.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.