* GMAC lends $468 million to mortgage unit
Posted on April 30th, 2008 by City Home Mortgage Specialist. Filed under Home Mortgages.
Residential Capital LLC - a money losing mortgage lender - borrowed $468 million from a new $750 million credit facility arranged by its parent GMAC LLC. GMAC has been trying to prop up ResCap after defaults soared and credit markets tightened, leading to a $4.35 billion loss at ResCap in 2007. Residential Capital, LLC, an indirect wholly owned subsidiary of GMAC Financial Services, is a leading real estate finance company, focused primarily on the residential real estate market in the United States, Canada, Europe, Latin America and Australia.
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August 19th, 2008 at 4:09 am
Blogger , I agree with this article, just sometimes I read so fast everything and I miss things that after read them again, I can understand it better.. ;). Your GMAC lends $468 million to mortgage unit Blog Stumbled up and Bookmarked, so I keep updated on every article you write from now now on gmac realty.