GMAC LLC, the auto and home lender, is planning to sell new bonds backed by the U.S. government, according to a person who has seen the deal.

The bonds, which will mature in December 2012, will be sold under the Federal Deposit Insurance Corporation's Temporary Liquidity Guarantee Program, or TLGP, meaning it's backed by the full faith and credit of the U.S., a second person confirmed.

Banc of America Securities LLC, Barclays, Deutsche Bank and JP Morgan are underwriters on the sale.

Gina Proia, a GMAC spokeswoman, declined to comment.

-By Kate Haywood and Romy Varghese, Dow Jones Newswires; 201-938-2348; kate.haywood@dowjones.com