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GMAC ResCap, Inc., earlier Residential Funding Company LLC and Residential Capital Corporation, was a residential mortgage loan originator and servicer based in Minneapolis, Minnesota. It was a subsidiary of GMAC (now Ally Financial).
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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.
Two years after being completely driven from the mortgage business due to the losses suffered by its former subsidiaries, GMAC Mortgage and Residential Capital, also known as ResCap, Ally...
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...
- Gwen Robinson
Jun 4, 2008 · GMAC LLC said early Wednesday afternoon that it had successfully arranged more than $60 billion in new and refinanced credit for ailing mortgage arm Residential Capital LLC, in a move designed to...
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.
Nov 6, 2008 · GMAC, General Motors’ financing arm, on Wednesday said there was “substantial doubt” as to whether Residential Capital, its mortgage finance unit, would survive without support.
