GMAC Loses $5bn on Mounting Mortgage Woes

Adversary case 12-01899. Complaint against GMAC MORTGAGE, LLC . Nature(s) of Suit: (21 (Validity, priority or extent of lien or other interest in property)), (02 (Other (e.g. other actions that would have been brought in state court if unrelated to bankruptcy))), (91 (Declaratory judgment)) Filed by GMAC MORTGAGE, Michael A Farr.

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I hate it when a bank decides to exit the mortgage business. It’s no fun for many people, real people. The News. Announced early this morning (Via Wall Street Journal E-mail Alert), GMAC announced they’d be cutting around 5,000 jobs due to mounting concerns of their mortgage division.

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.

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.

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Who Owns the GMAC Mortgage Company? GMAC Mortgage was originally part of general motors’ finance group, but it was renamed and taken over by its current holder Ally Financial in 2010. This occurred after the company received a bailout worth billions of dollars.

If you would like to contact the corporate offices of GMAC Mortgage Corporation, please use their contact information such as their phone number, website, and address listed above to contact them. However, sometimes staff from GMAC Mortgage Corporation headquarters do read the reviews on this website.

GMAC Financial Services [stock GOM][/stock] 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.

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GMAC posts loss on mortgage woes. Jonathan Stempel. 4 Min Read. NEW YORK (Reuters) – Finance company GMAC said on Tuesday its first-quarter loss nearly doubled as more customers fell behind on.