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Gmac Mortgage News

GMAC applies for bank bailout fundingFriday, November 21, 2008 @ 2:29AMDetroit-based GMAC Financial Services has applied to become a bank holding company so it can tap into federal bailout funds approved by Congress in October.

Local home sales fall againFriday, November 21, 2008 @ 1:41AMSlow October signals bleak winter, but prices remain steady.

Friday newspaper round-up: Woolworths, Barclays, Northern RockFriday, November 21, 2008 @ 12:39AMLONDON (SHARECAST) - More than one in five homes on the market are there because their owners cannot afford the mortgage repayments , The Times has learnt.

Lawyer to lenders: Prove you own mortgagesThursday, November 20, 2008 @ 11:17PMA class action lawsuit has been filed that could stop hundreds of foreclosures and reverse thousands of others. "The rush to foreclose has turned the process into...

Ambac Rises After Canceling CDO Contracts at Discount (Update3)Thursday, November 20, 2008 @ 5:44PMNov. 20 (Bloomberg) -- Ambac Financial Group Inc. rose 66 percent after the bond insurer freed itself of contracts protecting $3.5 billion in collateralized debt obligations, potentially boosting its bid for government help.

GMAC Applies for Status as Bank, Begins Debt Swap (Update5)Thursday, November 20, 2008 @ 4:45PMNov. 20 (Bloomberg) -- GMAC LLC , the largest lender to General Motors Corp. car dealers, 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.

Ambac Rises After Canceling CDO Contracts at Discount (Update2)Thursday, November 20, 2008 @ 11:11AMNov. 20 (Bloomberg) -- Ambac Financial Group Inc. rose as much as 93 percent after the bond insurer freed itself of contracts protecting $3.5 billion in collateralized debt obligations, potentially boosting its bid for government help.

Source: GMAC eyeing HQ move to CharlotteThursday, November 20, 2008 @ 11:04AM(By Rick Rothacker, rrothacker@charlotteobserver.com) GMAC Financial Services, the troubled lender applying to become a bank holding company, is negotiating for office space in Ballantyne for a possible move of its headquarters to Charlotte, a source familiar with the situation said today. If the company receives government approval to become a bank holding company, GMAC will need ...

GMAC applies to become bank holding companyThursday, November 20, 2008 @ 10:59AMGMAC Financial Services is seeking approval to become a bank holding company, a move that could give it access to federal bailout funds.