Res Cap/GMAC

[exhausted3]

Anybody know anything about these guys? They are supposedly the investor?

[TomEason]

Anybody know anything about these guys? They are supposedly the investor?

GMAC is the old General Motors Acceptance Corp that specialized in financing autos for dealers. They branched out into mortgages with the Res Cap Division and of course, got overextended and in real trouble on both the Res Cap side and the auto loan side. When the Feds bought lots of GM stock, they also bought GMAC and it's still owned by the Feds and we taxpayers. GMAC has since re-branded itself with the Ally Bank moniker. However, they're still owned by the Feds because they haven't paid back the $$ yet.

[exhausted3]

Thanks Tom,
So what would you make of it if GMAC (as your servicer) told you your investor was ResCap..think it was one of those sliced and diced? Just curious

[exhausted3]

Thanks Tom,
So what would you make of it if GMAC (as your servicer) told you your investor was ResCap..think it was one of those sliced and diced? Just curious

[TomEason]

Thanks Tom,
So what would you make of it if GMAC (as your servicer) told you your investor was ResCap..think it was one of those sliced and diced? Just curious

exhausted
Yes, I believe ResCap is part of the same corporation (not positive since it could have been spun off), and is just the specialized residential lending arm. The ResCap organization got into serious financial trouble during the bust, like a lot of other mortgage bankers, and they let thousands of employees go. If it's important, I recommend you research it by starting with a Google search or a financial search engine.