A third shoe drops, as GMAC Financial Services writes off more than $700 million in the value of used pickups and SUVs coming back from leases. Earlier, Detroit 3 rivals Ford Credit and Chrysler Financial reported similar problems. by Jim Henry
Auto and mortgage lender GMAC Financial Services would like to get in the queue of financial institutions selling preferred shares to Uncle Sam, in return for backing from the U.S. government. First, GMAC has to redefine itself as a bank holding company. by Jim Henry
GMAC is squarely at the center of the financial crisis, with one foot in subprime mortgages and the other in auto lending, two of the hardest-hit sectors in the credit crunch. by Jim Henry
Commences private exchange offers and cash tender offers for $38 billion of certain outstanding GMAC and ResCap debt securities to increase capital NEW YORK, Nov. 20 /PRNewswire/ -- GMAC Financial Services ("GMAC") today announced that it has submitted an application to the U.S. Federal Reserve Board of...
- Third quarter net loss of $2.5 billion - ResCap results continue to be affected by adverse market conditions - Insurance operation posted a profit - Auto finance actions align originations with funding - Cash and cash equivalents balance at $13.5 billion...
NEW YORK, Nov. 3 /PRNewswire/ -- GMAC Financial Services has scheduled the release of its 2008 third quarter financial results for Wednesday, Nov. 5, 2008. The press release, including financial highlights, will be issued at 8 a.m. EST via PR Newswire and the GMAC Financial Services media Web...
Intends to commence private exchange offer to increase capital NEW YORK, Oct. 30 /PRNewswire/ -- GMAC Financial Services today confirmed that it is in discussions with federal regulatory authorities regarding, among other things, seeking bank holding company status under the Bank Holding Company Act of 1956, as...
Recognized E-Commerce Executive Will Lead Online Financial Services Company's Efforts to Help Consumers Manage Their Credit History CANOGA PARK, Calif. -- CreditReport.com today announced the addition of Bruce Cornelius to the company's executive team as chief marketing officer. Cornelius brings more than 20 years of award-winning Web marketing...
DETROIT, Oct. 28 /PRNewswire/ -- GMAC Financial Services has announced adjustments to its European automotive finance business as part of a strategic approach to manage resources during this time of significant capital and credit market disruption. The actions include ceasing retail originations in Czech Republic, Finland, Greece,...
The Rod Nash Racing team has been hit with a double blow at Surfers Paradise with the loss of a team sponsor and an accident for Tony D'Alberto during the opening race of the weekend on the Gold Coast. GMAC Financial Services - one of Australia's oldest car...
DETROIT, Oct. 13 /PRNewswire/ -- GMAC Financial Services today implemented a more conservative purchase policy for consumer auto financing in the U.S. as a result of the lack of stability in the global capital and credit markets. The changes include limiting purchases to contracts with a credit score of...
Business News In Brief FINANCIAL SERVICES Bradford & Bingley has renegotiated its agreement with GMAC to avoid taking on about 1bn of mortgages from the US consumer lender. B&B had agreed to buy at least 350m of mortgages a quarter, with 1.75bn due by the end...
Assistance for auto finance customers available at 1-800-200-GMAC DETROIT, Sept. 19 /PRNewswire/ -- GMAC Financial Services is prepared to help its automotive finance customers in the aftermath of Hurricanes Gustav and Ike. GMAC Automotive Finance customers in affected areas of Texas, Louisiana and other states...
GMAC Financial Services, a Detroit-based financial services company, and its Residential Capital, LLC subsidiary announced last week plans to shutter all 200 GMAC Mortgage retail offices nationwide and slash ResCap's work force by 60 percent, as part of a move to further streamline operations, cut costs and refocus resources on...
GMAC Financial Services subsidiary Residential Capital L.L.C., of Fort Washington, said yesterday that the housing slump was forcing it to eliminate 5,000 jobs in its mortgage operations. The cuts - starting tomorrow with loan officers in GMAC Mortgage branches - will hit 60 percent of the lender's workforce, including 168...
Strategic origination channels remain open; commitment to servicing customers unchanged FORT WASHINGTON, Pa., Sept. 3 /PRNewswire/ -- GMAC Financial Services and its subsidiary Residential Capital, LLC ResCap today announced additional initiatives to further optimize the mortgage business as the downturn in the credit and mortgage markets persists....
In response to the slumping real estate market, the home lending unit of GMAC Financial Services will lay off up to 5,000 employees and close 200 mortgage lending offices nationwide, including locations in Pleasanton, San Jose and Stockton. In addition, the company will no longer originate loans...
The history of automated decisioning in the mortgage industry is, for the most part, a snapshot of automated underwriting AU and, more specifically, a framed photo of the tools provided by the government-sponsored enterprises GSEs--Fannie Mae's Desktop Underwriter [R] DU and Freddie Mac's Loan Prospector [R] LP. The adoption of...
WASHINGTON -- Is auto leasing really dead? Oh, I so hope so. But, alas, that question was just a headline on a news release from the National Vehicle Leasing Association. The organization, which represents the leasing industry, was...
The Financial Services Roundtable kicked off its seventh annual community service celebration on July 1 in Maplewood, Minn., at Junior Achievement's "BizTown." The event featured Financial Services Roundtable leadership, as well as more than 100 students in grades four through eight. Richard Davis, CEO of U.S. Bancorp., and Don...
Articles 2008-08-01
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