Items Tagged with 'GMAC Financial Services'

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  • Questions Arise as GMAC Looks to Expand Lending

    GMAC Financial Services announced last week it will step up its correspondent and warehouse lending volume. The announcement comes, however, at a time when outsider observers are questioning the viability of GMAC’s Residential Capital division and other warehouse lenders are facing increased stress and government scrutiny. CreditSights, a debt ratings agency, said GMAC may reallocate ResCap’s desirable assets to other parts of GMAC and leave behind $11.4bn in debt to spin off the company and “put ResCap out of its misery,” in a report it issued last week.
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  • GMAC Loses $2bn on Mortgage Operations in Q209

    GMAC Financial Services' mortgage operations contributed $1.8bn net loss to the company's Q209 after-tax net loss of $3.9bn. Mortgage originations grew 40% from the previous quarter, but losses remained heavy. GMAC's mortgage operations including Residential Capital lost a pre-tax $2bn in Q209, compared with $1.8bn in the year-ago quarter. The company said in the earnings statement that these losses were consistent with findings of the government's Supervisory Capital Assessment Program.
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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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  • GMAC's Mortgage Operations Lose $125 Million

    GMAC Financial Services posted a $675m net loss for Q109 in its preliminary first-quarter results, a widened loss from its $589m net loss last year. The losses in GMAC's mortgage operations, however, narrowed more than 85% from the year-ago period, coming in at -$125m, from -$859m a year earlier. The segment continued to experience pressure as credit performance weakened, but mortgage origination volume began showing signs of improvement, the company said. For example, GMAC experienced $13.2bn in loan production in Q109, compared with $8.2bn in Q408.
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  • For GMAC, ResCap, a Merry Christmas; But a Happy New Year?

    GMAC Financial Services announced the day before Christmas that its application to become a bank holding company had been approved by the Federal Reserve. GMAC Bank also said it had received approval from the Utah Department of Financial Institutions to convert to a state bank. "As a bank holding company, GMAC will have expanded opportunities for funding and access to capital, which will provide increased flexibility and stability," the company said in a press release.
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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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  • GMAC Confirms Discussions on Commercial Bank

    GMAC Financial Services is in formal discussions with federal regulatory authorities regarding a potential shift into bank holding company status under the Bank Holding Company Act of 1956, the ailing financial services giant confirmed Wednesday morning.
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  • GMAC Sells Home Services Unit

    (update 1: clarifies that the purchase involves a unit of Residential Capital LLC, which is itself a subsidiary of GMAC Financial Services; an earlier story had incorrectly specified the business sold as tied directly to GMAC Financial Services)
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