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.

GMAC converted to a bank-holding company last year and is seen as crucial to the survival of Chrysler LLC and General Motors Corp (GM).

It got the much-awaited go-ahead to sell cheaply priced debt insured by the FDIC on May 21. Under this arrangement, GMAC can issue as much as $7.4 billion of FDIC-guaranteed debt.

GMAC suffered a net loss of $675 million in the first quarter, wider than a $589 million loss a year earlier.

The Treasury Department confirmed in May that it will inject $7.5 billion in GMAC, which needs to figure out by June 8 how it will fill an $11.5 billion equity hole. The Treasury investment includes $4 billion earmarked for loans to Chrysler dealers and consumers. The remaining $3.5 billion will go to strengthen GMAC's capital position.

The Treasury also said it would swap $884 million of its existing preferred-stock investment for common stock, giving the government a 35.4% equity stake in the lender. This stake could increase to more than half if GMAC, amid potential mounting losses and meager capital levels, were to convert the government's investments into common equity.

-By Kate Haywood and Romy Varghese, Dow Jones Newswires; 201-938-2348; kate.haywood@dowjones.com (Aparajita Saha-Bubna contributed to this report.)