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GMAC ResCap, Inc. was a residential mortgage loan originator and servicer based in Minneapolis, United States. As a result of its exposure to subprime lending during the subprime mortgage crisis, the company filed for bankruptcy protection in 2012 and underwent liquidation in December 2013.
Jun 5, 2008 · GMAC and Residential Capital, GMAC’s embattled mortgage lending arm, on Wednesday secured an urgently needed $60bn rescue financing package to help stave off the threat of a ResCap bankruptcy...
- Gwen Robinson
In 2005, the company formed GMAC ResCap as a holding company for its mortgage operations. [4] In 2006, General Motors sold a 51% interest in GMAC to Cerberus Capital Management, a private equity firm.
GMAC’s ResCap was once of the nation’s top subprime lenders, but eventually GMAC and ResCap began dragging down Ally’s business, with ResCap eventually falling into bankruptcy.
Ally GMAC ResCap is a mortgage servicer that settled with the California Attorney General in 2012 over loan-servicing and foreclosure practices. The settlement provides relief to eligible homeowners, such as loan modifications, principal reductions, and cash payments.
Apr 19, 2010 · The deal sees GMAC FS effectively exit the European mortgage market, with the sale of all its European mortgage assets to Fortress. The assets sold come from GMAC FS’ mortgage subsidiary Residen-tial Capital, also known as ResCap. Separately, GMAC FS sold a UK loan book for £116m on March 31.
May 6, 2009 · In 2005, ownership of GMAC Mortgage, GMAC-RFC, and Homecomings was transferred to a newly formed holding company, the Residential Capital Corp. (ResCap). In April 2006, GMAC announced it was selling a 51 percent stake to a capital investment group led by Cerberus Capital Management.
