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GMAC Adds Holding Unit.
Detroit -- General Motors Acceptance Corp. here has restructured its residential mortgage business, placing GMAC Mortgage Corp. and Residential Funding Corp. under a new holding company.
The move - long anticipated - came in early May, about a day before Standard & Poor's cut the credit ratings of General Motors Acceptance Corp. to "junk/speculative grade" status due to financial woes of its automotive corporate parent.
As part of the restructuring, GMAC contributed $2 billion in equity into the new holding company, which is called Residential Capital Corp. or "ResCap." (GMAC also named industry veteran Thomas Jacob to ResCap's board. Mr. Jacob is the retired chairman and CEO of Chase Manhattan Mortgage Corp., Edison, N.J.)
A spokeswoman for GMAC's parent company, General Motors, said the $2 billion is a "reduction in debt" for ResCap and does not represent a cash outflow from GMAC.
The restructuring of GMAC Mortgage and RFC in no way includes GMAC Commercial Mortgage of Horsham, Pa., the nation's largest commercial mortgage banking firm.
As reported, Lewis S. Ranieri, the "father" of the mortgage-backed security, and ...
- ResCap Board Appointments Augment Company Leadership.
- Press release article from: PR Newswire April 23, 2008 700+ words
...Jones said, "On behalf of ResCap, I would like to thank...commitment and service to ResCap, and we wish them well...America and Australia. ResCap's diversified businesses -- GMAC- RFC, GMAC Mortgage, ditech, and Homecomings...
- The Race to Save ResCap: ResCap and its parent GMAC buy time with landmark...
- Magazine article from: Investment Dealers' Digest Rozens, Aleksandrs June 16, 2008 700+ words
...said a resolution of GMACs and ResCap's problems were an important...unveiled the refinancing. ResCap is a top lender which offers...businesses including GMAC-RFC, GMAC Mortgage, Ditech, and Homecomings...available on its website, ResCap was the seventh largest underwriter...
- GMAC ResCap Names Casey Treasurer.
- Press release article from: PR Newswire March 20, 2007 700+ words
...future endeavors." About GMAC ResCap GMAC ResCap (Residential Capital, LLC...diversified businesses -- GMAC-RFC, GMAC Mortgage, ditech.com, GMAC Bank, GMAC...in the secondary market. GMAC ResCap also provides capital to other...
- ResCap Closes $3.5 Billion Bank Facilities Syndication.
- Press release article from: Business Wire August 2, 2005 700+ words
...syndication has enabled ResCap to diversify its funding...year, GMAC established ResCap as a holding company...transferred ownership of GMAC Mortgage Corporation and Residential...Capital Corporation (ResCap) is a leading real...businesses, including GMAC Mortgage and ...
- GMAC Financial Services Announces Senior Leadership Changes at ResCap.
- Press release article from: PR Newswire April 17, 2007 700+ words
...experienced leadership team at ResCap is a priority," said Feldstein...product diversity -- provides ResCap with an important competitive...businesses -- GMAC-RFC, GMAC Mortgage, ditech.com, GMAC Real...2364; or Stephen Dupont, ResCap, +1-952-857-6643 Web...
- ResCap to Enhance High Risk Mortgage Servicing.
- Press release article from: PR Newswire August 11, 2008 700+ words
...the FDIC. Prior to joining ResCap, Vella served as president...real estate finance company. ResCap's diversified businesses...securitization in the secondary market. ResCap operates in selected international...developers. To learn more about GMAC Mortgage's Special Operations servicing...
- GMAC Financial Services and ResCap Announce Further Streamlining of Mortgage...
- Press release article from: PR Newswire September 3, 2008 700+ words
...Residential Capital, LLC (ResCap) today announced additional...response to these conditions, ResCap has enacted a plan to significantly...that included closing all 200 GMAC Mortgage retail offices, ceasing originations...collective actions will reduce the ResCap workforce by approximately...
- GMAC ResCap to Offer Mortgage Relief to Customers Affected By California...
- Press release article from: PR Newswire October 25, 2007 700+ words
...PRNewswire/ -- GMAC ResCap will offer mortgage...about 330,000 GMAC Mortgage and Homecomings...operations for GMAC ResCap, which services...United States. GMAC Mortgage and Homecomings...GMAC-RFC, GMAC Mortgage, LLC, Ditech...secondary market. GMAC ResCap also ...
- GMAC ResCap Named 2007 Minnesota Work-Life Champion.
- Press release article from: PR Newswire February 20, 2007 700+ words
...life practices. About GMAC ResCap GMAC ResCap (Residential Capital, LLC...diversified businesses -- GMAC-RFC, GMAC Mortgage, LLC, ditech.com, GMAC Bank...and healthcare companies. GMAC ResCap ( http://www.gmacrescap...
- ResCap Closes $4 Billion Private Offering.
- Press release article from: PR Newswire June 27, 2005 700+ words
...recently established ResCap as a holding company...transferred ownership of GMAC Mortgage Corporation and...statements. About ResCap Residential Capital Corporation (ResCap) is a leading real...businesses, including GMAC Mortgage and GMAC-RFC...
Source: HighBeam Research, GMAC Adds Holding Unit.