Articles Tagged with ''Cerberus Capital Management LP''

GMAC Looks to Become Commercial Bank, Gain TARP Access

The mad rush for federal handouts is officially on, and the latest twist involves mega-lender GMAC LLC, co-owned by General Motors Corp. [stock GM][/stock] and Cerberus Capital Management LP -- media reports Wednesday morning suggested the financial giant is mulling a commercial bank charter in order to access some of the $700 billion funds approved by Congress under the Treasury's Troubled Asset Resolution Program, or TARP.
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CIBC Trims U.S. RMBS, CDO Exposure in Deal with Cerberus

The Canadian Imperial Bank of Commerce said Friday that it was the latest non-U.S. institutional investor to flee U.S. real estate, selling a $1.05 billion stake in its portfolio of U.S. RMBS and CDOs to a fund managed by Cerberus Capital Management, LP. CIBC said its U.S. real estate reference portfolio had been valued at $1.19 billion as of June 30 but was down to $1.08 billion just one month later.
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As ResCap's Woes Continue, GMAC and Cerberus Provide $2 Billion Rescue

Troubled Residential Capital LLC, the mortgage lending unit of GMAC LLC, said in a regulatory filing with the Securities and Exchange Commission Tuesday that it needs roughly $2 billion in cash before the end of June to stay in business -- a number more than three times the company's earlier estimates. Previously, the company had said it needed roughly $600 million to satisfy its short-term liquidity needs.
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H&R Block to Sell Option One, Finally

H&R Block, the tax preparer that has seen its ownership of subprime lender Option One Mortgage Corp. become an albatross around its neck as the mortgage industry has run aground, said Monday morning that it has signed an agreement with an affiliate of WL Ross & Co. LLC to sell its once-mighty lending and servicing platform.
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