GMAC ResCap, Inc. was a residential mortgage loan originator and servicer. As a result of its exposure to subprime lending during the subprime mortgage crisis, the company filed for bankruptcy protection in 2012 and underwent liquidation (no longer existed) in December 2013.
At this point, this is the unfinished portion which I hope to finish Thursday. But, you are welcome to review it for what information that I have already added.
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Former type Subsidiary
Industry Financial Services
Fate Chapter 11 bankruptcy and liquidation
Defunct December 17, 2013
Headquarters Minneapolis, Minnesota
Products Mortgage loans
Parent Ally Financial
ALLY
Ally Financial aka Ally Bank
Formerly GMAC Inc. (1919–2010)
type Public company
Traded as NYSE: ALLY
Russell 1000 Index Component
Industry Financial services
Founded 1919; 100 years ago (as GMAC Inc.)
Headquarters Ally Detroit Center Detroit, Michigan (Corporate)
Sandy, Utah ( Ally Bank)
Key people
Franklin W. Hobbs, Chairman
Jeffrey J. Brown, CEO
Jennifer Laclair, CFO
Services
Car finance
Online banking
Mortgages
Home Loans
Credit cards
Brokerage firm
Revenue Increase $10.466 billion (2018)
Net income Increase $1.263 billion (2018)
Total assets Increase $178.869 billion (2018)
Total equity Decrease $13.268 billion (2018)
Number of employees 8,200 (2018)
Website www.ally.com
Liquidation is the process in accounting by which a company is brought to an end in the United States. The assets and property of the company are redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation.
Liquidation may either be compulsory (sometimes referred to as a creditors' liquidation following bankruptcy, which may result in the court creating a "liquidation trust") or voluntary (sometimes referred to as a shareholders' liquidation, although some voluntary liquidations are controlled by the creditors).
The term "liquidation" is also sometimes used informally to describe a company seeking to divest of some of its assets. For instance, a retail chain may wish to close some of its stores. For efficiency's sake, it will often sell these at a discount to a company specializing in real estate liquidation instead of becoming involved in an area it may lack sufficient expertise in to operate with maximum profitability.
Ally Financial is a bank holding company organized in Delaware and headquartered in Detroit, Michigan. The company provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mortgages, credit cards, and an electronic trading platform to trade financial assets.
Ally is ranked 19th on the list of largest banks in the United States by assets, is the largest car finance company in the U.S. by volume, and serves over 6 million customers. Via its SmartAuction online marketplace for auto auctions, launched in 2000, the company has sold more than 5 million vehicles including 281,000 vehicles sold in 2018. The company was known as GMAC, an acronym for General Motors Acceptance Corporation, until 2010.
History of Ally Financial & The Lack of History of GMAC Mortgage, LLC
The company was founded in 1919 by General Motors (GM) as the General Motors Acceptance Corporation (GMAC) to provide financing to automotive customers. In 1939, the company founded Motors Insurance Corporation and entered the vehicle insurance market.
In 1985, while GM was under the leadership of Roger Smith, who sought to diversify the company, GMAC formed GMAC Mortgage and acquired Colonial Mortgage as well as the loan servicing arm of Norwest Mortgage, which included an $11 billion mortgage portfolio.
In 1991, the company was forced to write-off $275 million in bad debt as part of a $436 million loss suffered from fraud committed by John McNamara, who ran a Ponzi scheme.
In 1998, the company formed GMAC Real Estate. In 1999, GMAC Mortgage acquired Ditech. In 2000, the company formed GMAC Bank, a direct bank. In 2005, the company formed GMAC ResCap as a holding company for its mortgage operations.
In 2006, General Motors sold a 51% interest in GMAC to Cerberus Capital Management, a private equity firm. Also that year, GMAC sold a controlling interest of GMAC Commercial Holdings, its real estate division that was renamed Capmark, to Goldman Sachs, Kohlberg Kravis Roberts, and Five Mile Capital Partners. GMAC Real Estate was sold to Brookfield Asset Management. In 2009, Capmark filed for bankruptcy and its North American loan origination and servicing business was acquired by Berkadia, a joint venture of Leucadia National and Berkshire Hathaway.
On December 24, 2008, the Federal Reserve accepted the company's application to become a bank holding company. In January 2009, the company shut down Nuvell Financial Services, it's subprime lending division.
As a result of losses in GMAC ResCap, the United States Treasury invested $17.2 billion in the company in 2008-2009. The Treasury sold its last stake in the company in 2014, recovering $19.6 billion from its $17.2 billion investment.
In May 2010, GMAC re-branded itself as Ally Financial. In September 2010, the company sold its resort finance business to Centerbridge Partners. In 2012, the company sold its Canadian banking operations to Royal Bank of Canada for $3.8 billion. In April 2014, the company became a public company via an initial public offering. In 2015, it moved its headquarters to One Detroit Center. In June 2016, the company acquired TradeKing, a brokerage firm, for $275 million. TradeKing was rebranded as Ally Invest.
In 2016, the company moved more than 1,500 employees to 13 floors of Ally Detroit Center. In 2017, Ally signed a lease for 400,000 square feet at the Ally Charlotte Center in Charlotte, North Carolina, scheduled to be completed in 2021, and will move its offices from 440 South Church.
Pennsylvania Secretary of State Business Search:
Business Name History
Name GMAC Mortgage Group LLC
Officers
Name
GMAC Mortgage Group LLC
Entity Number
3662289
Entity Type
Limited Liability Company
Status
Active
Citizenship
Foreign
Entity Creation Date
07/17/2006
Effective Date
07/17/2006
State Of Inc
DE
Address
%CT Corporation System Philadelphia
Select Business Entity
Search Results for term GMAC Mortgage, LLC type: Starting with
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Business Entity Name
Name Type
Address
Entity Number
Entity Type
Status
Citizenship
GMAC MORTGAGE ASSET MANAGEMENT, INC.
Current Name
100 WITMER RD HORSHAM Montgomery PA 19044-0
2777864
Business Corporation
Active
Foreign
GMAC MORTGAGE CORPORATION
Current Name
NA
County Orphan
County Orphan
Domestic
GMAC MORTGAGE CORPORATION
Current Name
NA
County Orphan
County Orphan
Domestic
GMAC MORTGAGE CORPORATION
Current Name
C/O CORPORATION SERVICE COMPANY Dauphin PA 0 -0
73049
Business Corporation
Merged
Domestic
GMAC MORTGAGE CORPORATION OF IOWA
Current Name
%CT Corporation System
637092
Business Corporation
Withdrawn - CONSOLIDATED INACTIVE
Foreign
GMAC MORTGAGE CORPORATION OF PA
Prior Name
C/O CORPORATION SERVICE COMPANY Dauphin PA 0 -0
73049
Business Corporation
Merged
Domestic
GMAC MORTGAGE CORPORATION OF TN
Current Name
%CORPORATION SERVICE COMPANY Dauphin
2648088
Business Corporation
Merged
Domestic
GMAC Mortgage Group LLC
Current Name
%CT Corporation System Philadelphia
3662289
Limited Liability Company
Active
Foreign
GMAC MORTGAGE GROUP, INC.
Current Name
%CT Corporation System Dauphin
866979
