GMAC ResCap
| Type | Subsidiary |
|---|---|
| Defunct | December 17, 2013 |
| Fate | Chapter 11 bankruptcy and liquidation |
| Headquarters | Minneapolis, Minnesota |
| Products | Mortgage loans |
Who bought GMAC mortgages?
Ocwen Loan Servicing, LLC
Effective February 15, 2013, Ocwen Loan Servicing, LLC acquired certain assets of GMAC Mortgage, LLC, pursuant to a Sale Order entered in connection with the bankruptcy cases of Residential Capital, LLC and certain of its affiliated debtors.
Is GMAC Mortgage still in business?
Finally, no, GMAC isn’t out of business. A Chapter 11 bankruptcy is simply a “reorganization” of liabilities for the company. The word on the street is that the servicing for GMAC mortgages will be sold to Nationstar.
What happened GMAC finance?
The soon-to-be-former GMAC became a bank holding company, later renamed Ally Financial, when GMAC accepted a U.S. government bailout in late 2008. Under Ally, ResCap eventually filed for bankruptcy protection in 2012. So, Ally Financial is the old GMAC, but it’s independent of GM. GM is still Ally’s biggest customer.
Why did GM go broke?
The problem for GM was that when the sales slowed down, they had trouble cutting costs because most of their costs were fixed. Company pensions and legacy health care costs were fixed as well. So when sales went down, many costs stayed fairly constant. And that led to losses.
Does the government still own GM?
Like any public company with a stock offering, General Motors is owned by shareholders. In the past, the U.S. government was a majority shareholder in the company (after the 2008 bailouts). However, in 2010 GM broke free from the government’s yoke and was reborn in its current incarnation.
How do I contact GM about a problem?
If you would prefer to contact us by phone, we can be reached at 1-800-462-8782 Monday – Friday, from 8:00 a.m. to 9:00 p.m. (Eastern Standard Time) and Saturday 9:00 a.m. to 6:00 p.m. (Eastern Standard Time).
What is GMAC now?
Note: GMAC Auto Financing Gets Rebranded as Ally Financial To reach them directly, call 1-888-925-2559 or visit them at In order to help distance itself from its recession struggling, bailout taking, damaged brand image, GMAC has decided to rebrand itself as Ally Financial Inc.
