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Cerberus Might Get More of GMAC.
New York-If General Motors and Chrysler LLC merge, as rumored, hedge fund giant Cerberus Capital will wind up owning an even larger stake in General Motors Acceptance Corp. and its home lending/servicing arm, Residential Capital Corp.
At press time, news reports began to surface that the two automakers were talking about a deal. Cerberus owns 51% of GMAC and 80.1% of Chrysler.
Cerberus, however, does not own any large stakes in General Motors, which owns 49% of GMAC. Among residential servicers ResCap ranks seventh with $397 billion in receivables, according to the Quarterly Data Report.
GMAC Mortgage is also one of the nation's largest subservicers with about $40 billion in contracts.
Since buying GMAC in the spring of 2006, the ...
- GMAC announces major executive and organizational changes. (General Motors...
- Press release article from: PR Newswire March 6, 1990 700+ words
GMAC ANNOUNCES MAJOR...PRNewswire/ -- General Motors Acceptance Corporation announced...elected president of GMAC. He succeeds Raymond...University, joined GMAC in Williamsport...Andrews of General Motors Acceptance Corporation, 313...
- BoA and GE Are Finalists for GMAC.(BankAmerica Corp.)(General Electric...
- Magazine article from: Origination News Muolo, Paul November 1, 2005 700+ words
...stake in General Motors Acceptance Corp., industry...quick, quick." GMAC owns Residential...Rank Mkt. Sh. GMAC Residential $45,338 7 3.01% GMAC-RFC $25,745...housed at General Motors Acceptance Corp., a portion...
- GMAC announces executive changes. (General Motors Acceptance Corp.)
- Press release article from: PR Newswire January 28, 1988 700+ words
GMAC ANNOUNCES EXECUTIVE...PRNewswire/ -- General Motors Acceptance Corporation announced...elected a director of GMAC and a member of...president of General Motors Acceptance Corporation of Canada...of Utah, joined GMAC in Salt Lake City...
- GMAC-RFC's Worldwide Reach.(General Motors Acceptance Corp.-Residential Funding...
- Magazine article from: Mortgage Banking BERGSMAN, STEVE June 1, 2001 700+ words
...mortgage conglomerate known as GMAC-RFC is busy growing operations...but both he and General Motors Acceptance Corporation-Residential Funding Corporation (GMAC-RFC) took a long time...are today: RFC, owned by GMAC Financial Services, Horsham...
- GMAC secures $10B funding facility.(General Motors Acceptance Corp.)
- Newspaper article from: Asset Securitization Report Pyburn, Allison August 21, 2006 700+ words
General Motors Acceptance Corp. last week locked in...controlling interest in GMAC by General Motors Corp...The closure came while GMAC was roadshowing an auto ABS...in what is a first for GMAC, up to $4 billion of the...
- GMAC: Sale can't sever dealer ties.(News)(General Motors Acceptance Corp.)
- Magazine article from: Automotive News Kachadourian, Gail November 7, 2005 700+ words
...and retail customers, a top GMAC executive vows. If GM sells a controlling interest in General Motors Acceptance Corp., the finance operation...and reduce borrowing costs, GMAC President William Muir said...selling a controlling interest in GMAC to a "strategic partner...
- 'Survivor' GMAC making changes after mortgage crisis.(GM at 100)(General Motors...
- Magazine article from: Crain's Detroit Business McInnis, Doug May 12, 2008 700+ words
...buy its cars. The result was General Motors Acceptance Corp. GMAC, as it's now called, began operations...that went with it. But the creation of GMAC proved profitable in other ways as well. GMAC turned out to be a way to make money...
- US Company News: GMAC Sale May Have Benefits, Drawbacks.(General Motors...
- Newspaper article from: High Yield Report Laughlin, Kate October 24, 2005 700+ words
General Motors Acceptance Corp.'s (GMAC) bonds rallied 15 to 20 points last...The divergent secondary movement of GMAC's and GM's bonds is representative...companies: a sharp rise in value for GMAC, and for GM, a short-term boost...
Source: HighBeam Research, Cerberus Might Get More of GMAC.