GMAC Loses $5bn on Mounting Mortgage Woes

GMAC-RFC source mortgage business through Independent Financial Advisors. Thus cutting in branch network expenses they are able to offer competitive mortgage products across a wide range of markets. If you have not heard of GMAC-RFC, you sure have heard of its ultimate parent company, General Motors.

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GMAC Loses $5bn on Mounting Mortgage Woes GMAC director Michael A. Carpenter, formerly a board member at CIT Group and a Citigroup executive was named his replacement. Another bright spot for the Detroit company, which also has operations.

GMAC and ditech. In January of 2010, Green Tree Servicing (now ditech) purchased the mortgage servicing rights for a number of loan accounts from GMAC. You may have received a welcome package from ditech introducing us as your new loan servicer. As a previous GMAC Customer, your account is now being serviced by ditech. Welcome to ditech!

There are even start-ups looking at peer-to-peer lending in the mortgage arena, an area in which banks probably never thought they could lose share to outsiders. As currency exchange competitors.

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Housing Wire – "GMAC Loses $5bn on Mounting Mortage Woes" (2-4-10) "GMAC Financial Services (GOM: 19.8199 -0.85%) posted an expected Q409 net loss of $5bn, as losses related to legacy assets in the company’s mortgage operations continue to mount. The Q409 loss compares to net income of $7.5bn in Q409 and net loss of $747m in Q309.

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