Items Tagged with 'Residential Capital LLC'

ARTICLES

  • ResCap mortgage settlement green-lighted

    Another mortgage settlement took a step closer to completion this week, with bankrupt Residential Capital LLC receiving final approval from a New York bankruptcy judge to proceed with a proposed settlement involving mortgage borrowers associated with the company. The settlement would reduce an original $1.9 billion claim to $300 million, according to a report published this week.
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  • GMAC's ResCap Wades Back into Warehouse Waters

    The recent reports of Wells Fargo & Co.'s [stock WFC][/stock] plan to return to warehouse lending is prompting other lenders to reconsider a return to the lending space. The mortgage-lending business operating within recently bailed-out GMAC LLC, called Residential Capital LLC (ResCap), said Thursday its growing business relies on the warehouse lending industry.
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  • GMAC's Lifeline Arrives

    The Treasury Department stepped into the auto industry in a big way Monday evening, when it agreed to invest $6 billion to stabilize auto financing giant GMAC LLC, "as part of a broader program to assist the domestic automotive industry." Whether the infusion will help ailing mortgage arm Residential Capital, LLC, however, is another question entirely.
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  • GMAC, ResCap Running Out of Time

    Bankruptcy appears to be looming for GMAC LLC and its giant mortgage lending arm Residential Capital LLC, as investors have thus far balked at a $38 billion debt exchange needed to raise sufficient capital for the ailing financial giant to become a federally-chartered bank holding company. The company is extending a deadline for its exchange offer program to 5pm EST Friday evening, in a last-ditch attempt to stave off a bankruptcy filing.
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  • ResCap Can't Stand on Own, Moody's Says

    Suggesting that mortgage lending Residential Capital LLC is circling the drain and potentially threatening to take corporate parent GMAC LLC with it, Moody's Investors Service last week downgraded key credit ratings at both firms. The rating agency said it had downgraded the senior secured, junior secured, and unsecured senior debt ratings of ResCap to C from Ca, while cutting GMAC LLC to C from Caa1.
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  • GMAC Latest to Seek Bank Status, Access to Treasury Funds

    GMAC Financial Services, the mammoth auto and mortgage financing arm tied to U.S. auto giant General Motors Corp. [stock GM][/stock], said early Thursday that it had submitted an application to the Federal Reserve to become a bank holding company, in an attempt to access funds under the Treasury's capital purchase program. The move is not unexpected, as officials at GMAC confirmed that they were considering the application in late October.
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