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GMAC | Bank REO Real Estate - Part 2
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GMAC applies for status as commercial bank and begins debt swap

November 20, 2008 by · Leave a Comment
Filed under: Industry News 

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GMAC has applied for status as a bank holding company so it can get access to the Treasury’s $700 billion rescue fund for the financial industry.

The lender also began an exchange offer for $38 billion of notes issued by the company and its Residential Capital LLC home lending unit to reduce outstanding debt levels, Detroit-based GMAC said today in a statement.

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GMAC has $2.52 billion loss and ResCap unit may go bankrupt

November 5, 2008 by · Leave a Comment
Filed under: Stock Market News 

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With continued losses and the real estate market still falling until it finds a price level that stabilizes.  Thiis type of news will continue to be in the news until the excessive leverage is worked out of the system.  With the continued losses at GM, I don’t see this unit getting any additional funding from the parent.  Last I heard, they were trying to get classified as a bank so they will be eligible for bailout funding.  I think that is a mistake if it happens and they should fail like any other company that got too aggressive and now are in dire straights.  

News:

Finance company GMAC LLC lost $2.52 billion in the third quarter, hurt by slumps in the housing and auto markets, and said its Residential Capital LLC mortgage unit may fail.

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GMAC ie: Capmark Financial Group REO Properties

July 29, 2008 by · Leave a Comment
Filed under: National REO Banks 

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This is the Capmark Financial Group and partially owned by General Motors. On March 23rd 2006 a private equity consortium including KKR, Goldman Sachs Capital, and Five Mile Capital purchased $8.8 billion, or 78% of GMAC, GM’s commercial mortgage arm.  The new entity, in which GMAC will own a 21% stake, will be known as Capmark Financial Group.

Their REO database search is very basic.  Interesting, at the time of this writing we did not find in listings in the “West Coast” region.  We did however find residential and commercial properties listed, even one on a golf course.  Most of the listings are of high value that is shown in there 7 figure prices or a “contact broker” message.

The listings have a decent amount of information and with nice photos.  They have even map linked them to find out the area they are located in.

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