Items Tagged with 'General Motors'


  • ResCap's Neary Resigns, Glassner Assumes EVP Role

    Residential Capital's executive vice president and senior managing director, Thomas Neary, resigns effective July 31. ResCap operates GMAC's residential mortgage business, including the GMAC Mortgage and Ditech brands. Neary joined the company in June 2008, after serving as executive vice president and head of mortgage capital markets at Wells Fargo [stock WFC][/stock] and other senior positions with Bank of America [stock BAC][/stock] and BancBoston Mortgage.
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  • SilverLeaf Snags $28 Million in Assets

    [Update 4: clarifies status of General Motors' bankruptcy, clarifies loans were originated by GMAC, and seller's unknown identity.] SilverLeaf Financial acquired $28m in mortgage notes, containing loans originated by GMAC, for a sharply discounted price of $4.9m, according to a corporate release.
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  • GM Bankruptcy Does Not Impact RMBS

    It may seem like the least of General Motors' [stock GM][/stock] investor troubles, but Moody's Investors Service does not believe the company's bankruptcy this morning will impact ratings on its residential-mortgage backed securitizations. "We note that GMAC and its subsidiaries were not part of the bankruptcy filing," said Moody's in a statement, "and we do not expect any disruption to ABS and RMBS servicing as a consequence of GM's bankruptcy."
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  • Dow Jones Removes Citi, GM

    Still in the shadow of the government's total $45bn capital injections and following news the institution needs another $5.5bn to withstand more severe economic conditions, Citigroup [stock C][/stock] will be delisted from the Dow Jones Industrial Average. Dow Jonestoday said The Travelers Companies [stock TRV][/stock] is replacing Citigroup on the Dow Jones Industrial Average as of June 8. Travelers, which spun off Citigroup in 2002, provides property and casualty insurance.
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  • Pay-For-Performance Bill Passes House Vote

    The Grayson-Himes pay-for-performance legislation passed the House of Representatives in a 247-171 vote late Wednesday. House Democrats carried the vote with 237 in favor. Ten House Republicans also voted in favor of the bill, while eight House Democrats voted against it. The bill -- sponsored by Alan Grayson, D-Fla., and cosponsored by, among others, James Himes, D-Conn.
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  • Automakers Ask for $22B More

    General Motors Corp. [stock GM][/stock] and Chrysler Holding LLC submitted their restructuring plans to the government Tuesday but came to the table with another request: an additional $21.6 billion in government aid. As of the additional $4 billion that had already been scheduled for distribution to GM Tuesday, the company has received a total $14.3 billion through the Treasury Department's Troubled Asset Relief Program.
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