* 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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5 Responses to “GMAC lends $468 million to mortgage unit”

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