Lender GMAC To Close All 200 Retail Offices, Lay Off 5,000 Sep 4, 2008
-based ResCap will continue lending through brands such as Ditech or GMAC Mortgage Direct, which customers can reach online or through call centers, said spokeswoman. "We're not going to have a retail presence where customers walk in the door," Bruin said. (NBC4.tv, CA)
GMAC closes 200 mortgage offices, 12 in St. Louis lose jobs Sep 4, 2008
Financial Services and its subsidiary plan to close all 200 GMAC mortgage retail offices nationwide, including in St. Louis, and cut the ResCap work force by 5,000 employees, or 60 percent. Approximately 3,000 employees will receive notification this month with the majority of the remaining 2,000 reductions expected to occur by year-end, the company said. (St. Louis Business Journal, MO)
BUSINESS BRIEFS Sep 4, 2008
GMAC LLC and its Residential Capital LLC home loan unit plan to dismiss 5,000 employ ees, or 60 percent of the unit's staff, and close all 200 GMAC Mortgage retail offices because of weak real estate markets. Copyright Reuters. (New York Post -- Business)
GMAC unit to cut Charlotte jobs Sep 4, 2008
GMAC also will close all 200 of its GMAC Mortgage retail offices as it tries to weather the mortgage crisis that has hit ResCap particularly hard. Minnesota-based ResCap will cut 5,000 jobs nationwide in a move to slash costs and streamline operations. (Charlotte Business Journal, NC)
Armed and dangerous Aug 22, 2008
In June, federal judge Ronald Leighton summarily tossed out the initial pleading of Washington state attorney Dean Browning Webb, whose client is suing GMAC Mortgage, because Webb had submitted 465 pages, with meticulous detail, including 37 pages quoting e-mails, and 341 pages asserting claims that freely repeated each other on points they had in common. No comments posted. (Waterloo-Cedar Falls Courier)
Kimball Hill CEO sees quick Chap. 11 exit Aug 1, 2008
The company is owned by Hill family trusts, except for 22% owned by finance firm Residential Funding Co. LLC, a unit of GMAC Mortgage Group that paid $110 million for its stake in September 2006 in an apparent bid to prop up Kimball Hill. Nearly two years later, Kimball Hill had assets of $478. (Crain's Chicago Business)
Liberty Property's leasing bang brightens Horsham Jul 31, 2008
Liberty bought in 2006 the former Fort Washington Expo Center and renovated it into new offices for GMAC Mortgage, which signed a 450,000-square-foot lease on the converted space. The other vacancy was created when Liberty relocated REED Technologies into a new building. (Philadelphia Business Journal, PA)
Free foreclosure prevention workshop for North Shore homeowners Jul 13, 2008
Participating lenders: Bank of America, CitiBank, Countrywide Financial, GMAC Mortgage, HSBC, JP Morgan Chase, Option One, Washington Mutual and Wells Fargo. Spanish-speaking counselors will be available at the workshop. (Hamilton Wenham Chronicle, MA)
Benefits of Buying a Fixer-upper Jul 5, 2008
"A fixer-upper can provide great opportunities for homeowners," says Scott Medrow, national consumer sales manager for GMAC Mortgage ... If you decide to move forward, consider these renovation tips from GMAC Mortgage ... For more information on how to finance the purchase and renovation of your dream home, visit your local GMAC Mortgage branch or visit www. (Pekin Times, IL)
NAACP Calls for National 'Day of Action' Against Mortgage Discrimination Jul 3, 2008
The defendants are Washington Mutual, Inc., Citimortgage, Inc., HSBC Finance Corporation, GMAC Mortgage Group, LLC, GMAC Residential Capital, J.P. Morgan Chase Chase Bank USA NA, Fremont Investment Option One Mortgage Corporation, WMC Mortgage Corporation, Accredited Home Lenders, Inc., Bear Stearns Residential Mortgage Corporation dba Encore Credit, First Franklin Financial Corporation, National City Corporation, First Tennessee Bank dba First Horizon National Corp., Long Beach Mortgage... (PR Newswire)
GMAC mortgage unit gets $60 billion financing package Jun 5, 2008
The Associated Press Published: June 5, 2008. GMAC said on Wednesday that it had completed a refinancing package worth more than $60 billion aimed at improving the liquidity of its struggling subsidiary, the mortgage lender Residential Capital. (International Herald Tribune -- Business)
Credit card rewards are a real rip off Jun 3, 2008
More than 41 percent of reward cardholders either rarely or never even bother to use their rewards, said a 2006 survey by GMAC Mortgage and Harris Interactive. To avoid the pitfalls and get the most back from your card, Consumer Reports offers these tips. (CNNMoney.com)
The dangers of living in a totally feminized society Jun 3, 2008
chester11 wrote on Jun 2, 2008 7:30 PM:" Xdfred - you'll address none of the points relative to government regulation of food, work conditions, consumer products such as for instance..kid's toys? It's fine with you to leave those matters up to private companies. Selling your family uninspected food. That's feminization? Alright. And you're really defending corporations shipping jobs en masse overseas? How patriotic. Rub your lapel pin like a real American. Corporate taxation? That's a... (Waterloo-Cedar Falls Courier)
Independent Director Appointed to the ResCap Board May 23, 2008
ResCap's diversified businesses -- GMAC-RFC, GMAC Mortgage, Ditech, and Homecomings Financial -- cover the spectrum of the U.S. residential finance industry, from origination and servicing of mortgage loans through their sale or securitization in the secondary market. ResCap operates in selected international markets and also provides capital to other originators of mortgage loans, residential real estate developers and resort and timeshare developers. (PR Newswire)
SAND VOLLEYBALL May 23, 2008
Sand Diggers 3-0; GMAC Mortgage def. CSA 2-1; Sand Burrs def. (Waterloo-Cedar Falls Courier)
Records: Monday, May 19, 2008 May 20, 2008
8:30 a.m. GMAC Mortgage LLC vs. Jordon Martinek, civil case. 8:30 a.m. Juvenile Case. (Chippewa Falls Chippewa Herald, WI)
Good news: We're 'rural' again Apr 22, 2008
This is very exciting news for Gillette, said Ann Weber, a loan officer with GMAC Mortgage in Gillette. In terms of a city like Gillette where the population is so young, this is going to have a huge impact. (Gillette News-Record, WY)
GMAC to lay off 25 in Waterloo (29) Apr 19, 2008
The employees will continue to operate from the GMAC Mortgage building in Waterloo. GMAC Financial, which is majority-owned Cerberus Capital Management LP and minority-owned by General Motors, reported a fourth-quarter loss of 724 million in 2007 compared with a net income of 1 billion in the fourth quarter of 2006. (Waterloo-Cedar Falls Courier)
Golf outing will help other kids and families in need (2) Apr 19, 2008
Jeff is a volunteer firefighter, works at GMAC Mortgage and has coached Little League. Brenda works at CUNA Mutual in Waverly. (Waterloo-Cedar Falls Courier)
Bomb threat forces workers to leave GMAC (2) Mar 15, 2008
ADVERTISING~ Saturday, March 15, 2008 6:25 AM CDT Bomb threat forces workers to leave GMAC WATERLOO --- A bomb threat forced the evacuation on Friday of a GMAC Mortgage Corp. building in Waterloo. Waterloo police and fire departments responded at about 1:15 p.m. to an anonymous call about a bomb at 3451 Hammond Ave. GMAC is one of the Cedar Valley's largest employers. (Waterloo Courier, IO)
Your Money Matters: Say 'I Do' to Home Buying Mar 2, 2008
"Marriage provides a great opportunity to speak candidly regarding finances. Consider discussing the steps to purchase a home, paying down debt and improving credit scores," says Ennio A. Garc a-Miera, a vice president with GMAC Mortgage ... Call GMAC Mortgage at (888) 330-4622 to discuss how you can start the home buying process. (Pekin Times, IL)
GMAC to cut about 930 jobs in auto finance business Feb 21, 2008
GMAC Mortgage Corporate Headquarters is seen March 23, 2006 in Horsham, Pennsylvania. (William Thomas Cain, Getty Images) DETROIT (AP) - The finance company GMAC LLC plans to cut about 930 jobs in its auto finance business as it restructures amid losses. (FOX23 News, NY)
Shaky Economy Signals Opportunity To Refine Online Job-Hunting Skills Feb 21, 2008
The attack affected employment ads for a number of major brands, including Eddie Bauer, () GMAC Mortgage, Best Buy, () Toyota Financial () and Tri Counties Bank. Another challenge is finding the right job among all the clutter. (Investors Business Daily)
Neighborhood still at odds with planned Hammond-Ridgeway signals Jan 11, 2008
Darin Ligtenberg, an engineer with Snyder iates, said the turning lanes and traffic signals will move traffic through the intersection more smoothly, with fewer delays, and can account for peak hours when nearby GMAC Mortgage changes shifts or Kittrell School lets out for the day. "The traffic signal will help it ... operate at its maximum capacity and efficiency for the traveling public," Ligtenberg said. (Waterloo-Cedar Falls Courier)
Lenders ordered to pay $99 million to customers Jan 7, 2008
Residential Funding, which is owned by GMAC Mortgage Group, was ordered to pay 4. 33 million in actual damages and 92 million in punitive damages. (Jefferson City News Tribune, MO)
Most Borrowers Satisfied with Their Mortgage Lender Dec 14, 2007
Wachovia, 827 SunTrust Mortgage, 818 Bank of America, 760 National City Mortgage, 759 CitiMortgage/Citibank, 753 Chase, 752 Industry Average, 750 Wells Fargo, 749 Countrywide Home Loans, 745 GMAC Mortgage, 744 ABN AMRO Mortgage, 740 American Home Mortgage Corp., 736 WaMu, 733 First Franklin, 595. Source: J.D. Power and Associates (12/12/2007). (Realtor Magazine Online)
Amity Cares-Habitat dedication Dec 7, 2007
Amity Senior High School; Carter Drywall; City Point Construction; DiGiorgi Roofing and Siding; GMAC Mortgage Corporation; Werth Family Foundation. Sponsors. (Ivorytown Beacon, CT)
RBN Takes a Bite Out of Monster Nov 22, 2007
The attack affected a slew of companies represented on Monster's Company Boulevard, including Eddie Bauer, GMAC Mortgage, BestBuy, Toyota Financial and Tri Counties Bank. The Monster Company Boulevard allows visitors to research prospective employer companies and search for job openings specifically by company. (eWeek)
Heritage Oaks Bancorp Hires Frederick J. Bond as Senior Vice President of the Mortgage Department Nov 16, 2007
Before joining Heritage Oaks Bancorp, Bond was District Manager and Vice President of GMAC Mortgage, where he managed five offices in San Luis Obispo and Santa Barbara Counties. His primary duties included training cross-selling opportunities, sales techniques, developing loan origination software and recruiting sales staff to all offices. (Primezone Releases)
Medical office gets zoning near Logan Plaza Oct 24, 2007
The projects are Remington Farms, a 38-home rental development behind the Crossroads SuperTarget, and Whitman Point, a 50- to 60-unit assisted living center for seniors in the 1100 block of Flammang Drive, across from GMAC Mortgage. --- Spending 103,400 to buy a new Zamboni ice resurfacing machine for Young Arena from Zamboni Co., of Paramount, Calif. (Waterloo-Cedar Falls Courier)
Phila.-area hit by GMAC job cuts Oct 20, 2007
ResCap will be eliminating about 180 of 1,760 positions among its GMAC Mortgage operations located in Ft. Washington, Pa. and nearby Horsham, Pa. (Philadelphia Business Journal, PA)
GMAC announces job cuts, including 10 in Waterloo Oct 19, 2007
About 10 jobs at the 780-employee GMAC Mortgage Waterloo operations will be cut, said Gina Proia, a GMAC Financial Services spokeswoman. She said all affected employees would receive severance pay and outplacement services. (Waterloo-Cedar Falls Courier)
State Gov't Looking Into Hannah Montana Tickets Oct 19, 2007
GMAC Mortgage Unit To Cut 3,000 Jobs. Top News Stories. (WCCO.com, MN)
GMAC Mortgage Unit To Cut 3,000 Jobs Oct 18, 2007
Oct 17, 2007 5:44 pm US/Central. (AP) Minneapolis GMAC Financial Services said on Wednesday it would cut about 3,000 jobs, or 25 percent of the work force at its Residential Capital LLC mortgage operation. (WCCO.com, MN)
Realogy Resurrects Better Homes And Garden Real Estate Oct 8, 2007
" With the licensing of Better Homes and Gardens, Realogy not only has a brand that's already created, it's one with considerable good will. Long before the Martha Stewart omnipresence, Better Homes and Gardens magazine was the go-to source for decorating, recipes, holiday and other homemaking ideas. Nicely positioned to appeal to the upper-middle-class pocketbook, the magazine was and still is, an elegant yet practical influence on modern homemakers. Today the magazine has a circulation of 7.6... (RealtyTimes)
Family men fight over New Britain Oct 4, 2007
The foreclosure action was withdrawn Sept. 26. But Stewart pointed out there was another foreclosure action against the Wyskiewicz family home on Reservoir Road in 2005, involving another lender, and that this might be a reflection of his challenger's lack of financial acumen. (New Britain Herald, CT)
Stewart: I didn't leak info on Wyskiewicz's foreclosure troubles Oct 3, 2007
Lender GMAC Mortgage LLC filed to foreclose on the property of James and Patricia Wyskiewicz on July 24. But the matter was withdrawn Sept. 26. (New Britain Herald, CT)
City debating expansion of development incentives zone Oct 3, 2007
The company is hoping to get enterprise zone benefits for its planned assisted living center on Flammang Drive, between GMAC Mortgage and Menards home improvement store. In other business, council members approved placing a speed hump in the 600 block of Dawson Street at the request of residents living there. (Waterloo-Cedar Falls Courier)
12 step up to YMCA weight-loss challenge Sep 22, 2007
Occupation: GMAC Mortgage client relations advocate. Motivation. (Waterloo-Cedar Falls Courier)
Allen, other universities presidents, recommend arming campus police Sep 19, 2007
grammainiowa wrote on Sep 18, 2007 2:56 PM:" Rent-a-Cops' are people that sit at the door like they do at GMAC Mortgage Corporation and establishments such as that. Possibly a night watchman. These men are professionals and need to be armed. Some of you 'nays' seem to think that once they get that gun they are going to go crazy with it. NOT! They will use common sense along with the professional training that they received. ". If you would like to comment on this story, please log in with the... (Waterloo-Cedar Falls Courier)
GMAC delivers school supplies to Irving Elementary Aug 25, 2007
Employees of GMAC Mortgage, a Partner in Education with the school, brought the supplies following a 12-day collection effort. Students gathered to hear GMAC, school and elected officials speak as the supplies were presented. (Waterloo-Cedar Falls Courier)
One house's trip: the boom and bust Aug 12, 2007
That's something the owner, GMAC Mortgage, refuses to do. And so the house sits. (Los Angeles Times)
Editorial Aug 4, 2007
Sagamore Development, of Iowa City, asked the Waterloo Enterprise Zone Commission Monday to endorse expanding the city's current enterprise zone to include the vacant lot on Flammang Drive, between GMAC Mortgage and Menard's home improvement store. The proposal was tabled by the commission for further discussion next month. (Waterloo Courier, IO)
Survey: Borrowers Say Lenders Are Less Patient Today Aug 3, 2007
REALTOR Magazine Online: The real estate professional's business support tool. YOUR BUSINESS SUPPORT TOOL. (Realtor Magazine Online)
Whole Foods bags Kahului, Kailua sites Aug 2, 2007
GMAC Mortgage already vacated its space and is moving above Pier 1 Imports. First Hawaiian Bank, meanwhile, has entered a long-term lease with Kaneohe Ranch and will build a new branch -- larger than the existing one -- behind Mike McKenna's Ford dealership. (Honolulu Star-Bulletin)
Crossroads area housing project seeks enterprise zone expansion Aug 1, 2007
Sagamore Development, of Iowa City, asked the Waterloo Enterprise Zone Commission Monday to endorse expanding the city's current enterprise zone to include the vacant lot on Flammang Drive, between GMAC Mortgage and Menard's home improvement store. Despite getting a chilly response, the proposal was tabled by the commission for further discussion next month. (Waterloo Courier, IO)
Auto Insurance First: Technology Lets Americans Who Drive Less, Pay Less Jul 17, 2007
In addition to the Low-Mileage Discount program, GMAC Insurance offers even more discounts on auto insurance premiums for current GMAC Auto Finance and GMAC Mortgage customers; GM Cardmembers; GM/GMAC employees and retirees; active OnStar subscribers; customers with multiple GM vehicles; and customers who qualify as safe drivers. For more information on the GMAC Insurance Low- Mileage Discount Program and additional discounts for GM and GMAC Insurance products, and to find a local independent... (PR Newswire)
The downgrading of business travel Jul 9, 2007
GMAC Mortgage, a subsidiary of GMAC Financial Services, has increased its use of teleconferencing to cut down on employee business trips ... Previously, the company would fly its employees and trainers to one location to do the training face to face, says Terri Lewis, vice president of training for consumer services at GMAC Mortgage. (SunSpot.net)
Circuit Court Jun 8, 2007
GMAC Mortgage, LLC vs. Jeffrey A. Brown, Lora Ann Blasko, F/K/A Lora Ann Brown, Tauber and, P.C., and Midland Credit Management Inc.; Dismissed without prejudice. In the matter of the supervised administration of the estate of Lindsay N. Stanton, Deceased. (Kentland Newton County Enterprise, IN)
Twin Cities Habitat for Humanity Teams up with GMAC on Homeownership Preservation Efforts in Minneapolis Jun 6, 2007
The company's diversified businesses -- GMAC-RFC, GMAC Mortgage, ditech. com, GMAC Bank, GMAC Real Estate, and Homecomings Financial -- cover the spectrum of the U.S. residential finance industry. (PR Newswire)
Elite staff get UC mortgages May 27, 2007
Compared with a traditional 30-year fixed mortgage, Macagno could save about $200,000 over the life of his $722,500 loan, assuming his UC interest rate doesn't surpass 6 percent, estimated Greg Wickstrand, a home loan consultant with GMAC Mortgage Corp.. It's a very, very good rate, Wickstrand said. (San Diego Union-Tribune)
Independence finance director resigns May 23, 2007
He spent most of his professional career working in the mortgage industry for companies like VGM Financial Services and GMAC Mortgage. "I'm sorry that we're losing him because he has done a good job for our district," said board president Dawnye Sturtz. (Waterloo Courier, IO)
Dechert Cracks the Code for Am Law 100 Success May 12, 2007
When its client GMAC Mortgage LLC was looking for a firm to handle its U.K. transactions, "we were the obvious one to take their work to," says Ciaran Carvalho, a Titmuss partner who made the transition. Last year the firm was appointed global and U.K. counsel to Capmark Financial Group Inc. (as GMAC has been renamed). (Law.com)
Public Notice May 1, 2007
Plaintiff: Mortgage Electronic Registration Systems, Inc. as nominee for GMAC Mortgage Corporation ... Plaintiff: GMAC Mortgage Corporation. (Hartford City News-Times, IN)
Finding a legal escape clause Apr 22, 2007
" They moved into the house and began fixing it up. They painted the outside a greenish-gray and added landscaping and stonework to the yard, which now includes calla lilies, palm trees and a blue plastic swing for their son, who was born in late 2005. Around that time, the Pachecos decided to refinance. They had improved their credit by making their mortgage payments on time and were looking to lower their monthly costs. "We knew we'd gotten a good deal on the house and all of a sudden it... (San Francisco Chronicle -- Business)
New Waterloo housing project 'overshadows' others in size Apr 22, 2007
Shadow Creek Crossing, a proposed 152-unit, 20 million multi-phase townhouse complex adjacent to GMAC Mortgage, will be off Schukei Road near Olive Garden, adjacent to the businesses along San Marnan Drive on the north edge of the Crossroads Center commercial area ... GMAC Mortgage is taking a role as preferred lender in the project based on the quality of Robson's work and developments, said Kyle Langenberg of GMAC Mortgage, which is originating loans for buyers of Robson's products throughout... (Waterloo Courier, IO)
Home foreclosures rise fourfold in Hub Apr 20, 2007
Fuller said they missed two of their $2,100 payments last fall, and then the lender, GMAC Mortgage, stopped accepting their payments when they did send them. She said her uncle referred her to the city for help, where a counselor negotiated with the lender to save their house. (Boston Globe -- Business)
Borrowers are caught in backlash over loan defaults Apr 15, 2007
I see it as definitely a bad thing, said Greg Wickstrand of GMAC Mortgage Corp. in San Diego. Subprime borrowers whose adjustable loans are about to reset at higher interest rates now have dramatically fewer opportunities to lock in a longer-term fixed rate, giving them more stable payments, he said. (San Diego Union-Tribune -- Business)
Annual spring cleaning set along Pennypack's banks Apr 14, 2007
Additional sponsors include Abington Bank, the Willow Grove Foundation, Willow Financial Bank, GMAC Mortgage, MCLS Woodworking, Specialty Glass Products Inc., Postal Discounters Group, LLC, Stanton Systems, as well as The Globe, Public Spirit and Willow Grove Guide newspapers. Anyone interested in lending a hand in the effort should contact the Pennypack Trust at 215-657-0830. (Doylestown Central Bucks Life, PA)
Home Show Exhibitors Mar 8, 2007
Thursday, March 8, 2007. CURRENT CONDITIONS:SUNNY 19. (The Standard-Times, MA)
Niche mortgages offer creative financing Feb 9, 2007
With rising prices forcing many buyers to settle for homes that need work, lenders such as Wells Fargo and GMAC Mortgage, a unit of General Motors Corp., also are pushing "purchase-and-renovate" loans. These allow the borrower to finance the cost of the home plus remodeling expenses based on the home's value after improvements are made. (Atlanta Journal-Constitution)
REAL ESTATE TRANSACTIONS Jan 30, 2007
33 Fairfield Ave., GMAC Mortgage Llc to Christine L. Jaworowicz, $70,000. 568 Pavement Road, Fannie Mae to John L. Burns, $67,000. (Buffalo News -- Business)
Residential Funding Company to Transfer Servicing of Mortgages Serviced by MLN Jan 27, 2007
The company's diversified businesses -- GMAC-RFC, GMAC Mortgage, ditech. com, and Homecomings Financial -- cover the spectrum of the U.S. residential finance industry, from origination and servicing of mortgage loans through their securitization in the secondary market. (PR Newswire)
The Public Record Jan 13, 2007
All items must be kept 140F or above or 45F or below. This includes egg rolls, fried chicken and pork, fried rice, etc. (Foster's Daily Democrat)
Chamber dinner-dance Jan 13, 2007
The sponsors of the event include Union Savings Bank, Yankee Pennysaver, Costco Wholesale, Law Office of Erik Kukk, Charter Funding, Brookfield Animal Hospital and GMAC Mortgage, Photronics, Newtown Savings Bank and state Sen. David Cappiello. (Brookfield Journal, CT)
