Financial Services GMAC ResCap (Residential Capital) was a financial service company that focuses on residential estate loans that went bankrupt in 2013. It was part of General Motors' finance group GMAC which was then taken over by Ally Financial. Its corporate headquarters were in Minneapolis, Minnesota.
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.
MINNEAPOLIS (July 22, 2008) -- GMAC Financial Services today announced that Thomas Marano, currently non-executive chairman of Residential Capital, LLC (ResCap) is named ResCap chairman and chief executive officer, effective immediately. He succeeds ResCap's current CEO Jim Jones, who has elected to leave the company.
GMAC also contributed $2 billion of equity to ResCap in connection with this restructuring. The transaction had no cash impact on the entities involved, but did reduce ResCap's leverage ratio, as GMAC converted some of its inter-company debt to equity. GMAC also announced new additions to the ResCap Board of Directors.