05/14/2012
Linda Stavish Stated;
Once too big to fail , we bailed them out and today the mighty has fallen....GMAC Mortgage LLC filed for Chapter 11 BK today. Case is #12-12032 SDNY Assigned to Judge Peck, the same Judge who handled the Lehman Bros BK. For those of you with GMAC serviced mortgages, hold on for the ride...Its my understanding that the assets - including servicing rights to YOUR mortgage are on the auction block. The Devil you dont know could be worse than the one you do...I will keep all incformed as I get the scoop and find out how the assets are being picked through by the scavengers looking for a deal...
The Debtors are collectively the fifth largest servicer of residential mortgage loans in the United States, servicing approximately $374 billion of domestic residential mortgage loans and working with more than 2.4 million homeowners across the United States as of March 31, 2012. Only Bank of America, NA, J.P. Morgan Chase Bank NA, Wells Fargo Bank, NA and CitiMortgage, Inc, service more mortgage loans than the Debtors. GMAC Mortgage has been a leader in refinancings and loan modifications to ease the mortgage debt burden on homeowners. Since 2008, GMAC Mortgage has executed over 784,000 default workouts for borrowers. In the most recent assessment by the U.S. Department of the Treasury
(the “Treasury”) of compliance with its “Making Home Affordable” program, GMAC Mortgage has been and continues to be a leading performer in virtually all the established benchmarks for program compliance. GMAC Mortgage is a leading participant in HAMP (Home Affordable Modification Program), which is sponsored by the Treasury and the U.S. Department of Housing and Urban Development (“HUD”). GMAC Mortgage has effected more than 40,400 permanent HAMP modifications to date, which is an implied conversion rate of trial modifications to active permanent loan modifications of 59%, one of the highest in the industry. GMAC Mortgage also has consistently received three “stars” pursuant to the Servicer Total Achievement and Rewards (STAR) Program sponsored by Fannie Mae.
The above is a statement made in an affidavit to the US Bankruptcy Court by James Whitlinger, CFO of RESCAP. BTW...GMAC has fought hard to keepo the mname GMAC" out of the press. We all hear now of Ally Bank - just a name change, its GMAC. n the BK Court one of the entities is Residential Capital "ResCap" and this is the name GMAC Mortgage intends to hide behind.