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Mortgage Operations

Ally Financial's mortgage operations include Residential Capital, LLC (ResCap) and the mortgage activities of Ally Bank and ResMor Trust. Through these divisions, the company focuses primarily on the residential real estate market in the U.S. Business activities include the origination, purchase, servicing, sale and securitization of residential mortgage loans.

On April 12, 2010, ResCap reached an agreement to sell its European mortgage assets and businesses to affiliates of certain funds managed by affiliates of Fortress Investment Group LLC (NYSE: FIG). The closing of the sale to is subject to regulatory approval and customary closing conditions.  With the completion of this transaction and certain other whole loan sales, Ally Financial will effectively exit the European mortgage market.

Apr 15, 2010
GMAC Mortgage Launches Virtual Sales Network
New Sales Channel Offers Convenient Alternative to ‘Bricks and Mortar’ Branches
Apr 12, 2010
GMAC to Sell European Mortgage Assets and Operations
Mar 5, 2010
ResCap Statement in Response to Moody's Review of Residential Mortgage-Backed Securities
Feb 8, 2010
GMAC Financial Services Statement on Ditech
Sep 25, 2009
GMAC Correspondent Lending to Focus on Community Banks
Aug 7, 2009
GMAC Seeks Strategic Growth in Correspondent and Warehouse Lending
Channel Capitalizing on Decrease in National Lenders, Robust Funding Base
Apr 24, 2009
Foreclosure prevention: GMAC gives tips on how to keep your home
Apr 15, 2009
GMAC Mortgage Formalizes Participation in Home Affordable Modification Program
Feb 3, 2009
GMAC Financial Services Reports Preliminary Fourth Quarter and Full-Year 2008 Financial Results
Dec 31, 2008
GMAC Announces Consummation of Its Notes Exchange Offers
Dec 19, 2008
GMAC Intends to Exchange ResCap Bonds Acquired in Its Notes Exchange Offers for Equity Interests in IB Finance Holding Company LLC
Dec 16, 2008
GMAC Receives Significant Participation and Extends Early Delivery Time of its Notes Exchange Offers
Dec 12, 2008
GMAC Makes Final Amendments to the Exchange Offers After Reaching Agreement With a Substantial Portion of Bondholders
Extends the early delivery time to Tuesday, December 16
Dec 10, 2008
GMAC Announces That the Results of Its Exchange Offers Are Insufficient To Meet Regulatory Capital Requirements To Become a Bank Holding Company
Extends Exchange Offer Deadlines For Final Consideration By Investors
Dec 5, 2008
GMAC Extends Early Delivery Time of its Notes Exchange Offers to December 9, 2008
Dec 2, 2008
GMAC Extends Withdrawal Deadline and Early Delivery Time of its Notes Exchange Offers by One Day
Making certain other amendments to the terms and conditions of its private exchange offers
Nov 20, 2008
GMAC Files Application With Federal Reserve to Become Bank Holding Company
Commences private exchange offers and cash tender offers for $38 billion of certain outstanding GMAC and ResCap debt securities to increase capital
Nov 11, 2008
ResCap Announces Support for Streamlined Mortgage Modification Plan
Sep 3, 2008
GMAC Financial Services and ResCap Announce Further Streamlining of Mortgage Operation
Strategic origination channels remain open; commitment to servicing customers unchanged
Aug 11, 2008
ResCap to Enhance High Risk Mortgage Servicing
Vella joins ResCap to head Special Operations
Jul 25, 2008
GMAC Names New Head of Mortgage Servicing
Pensabene promoted to ResCap chief servicing officer
Jul 22, 2008
GMAC Financial Services Announces ResCap Management Changes
Marano to assume ResCap CEO role; Weintraub named vice chairman; Renzi appointed COO
Jun 16, 2008
GMAC ResCap Names Thomas Neary to Senior Management Team
Jun 13, 2008
Independent Director Appointed to the ResCap Board
Jun 4, 2008
ResCap Announces Results and Expiration of Private Exchange Offers and Cash Tender Offers
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Mortgage Operations

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