Auto and mortgage finance firm GMAC said yesterday that it had been approved to use the Commercial Paper Funding Facility (CPFF) ,which was created earlier this month and launched on Monday by the Federal Reserve, according to published reports. 

The facility is aimed at easing pressure on the corporate credit marketDetroit-based GMAC, jointly owned by Cerberus Capital Management (51%) and General Motors Corp. (49%), was reportedly granted approval of its application recently.

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