GM completed the sale of a majority equity stake in GMAC
to an investment consortium led by Cerberus FIM Investors, LLC and including wholly owned subsidiaries of Citigroup, Inc.
Receiving this Fitch rating validates our leading position in the subservicing marketplace," said Tom Donatacci, senior vice president of business development at GMAC
The company's New York City office will immediately begin doing business as GMAC
Real Estate International Properties Group (IPG).
In his new role, Goldman will oversee the near-term growth of Pacific Union GMAC
Real Estate and manage the overall longer-term growth strategy for GMAC
Real Estate's Company-Owned operations in the Western United States.
In his role he will oversee the near-term growth of Koenig & Strey GMAC
and manage the overall longer-term growth for GMAC
Company-Owned operations in the Central United States.
The initiative will involve the integration of its primary, subservicing and master servicing operations which includes the servicing operations of GMAC
Mortgage, Homecomings Financial and GMAC
-RFC master servicing.
On November 30, 2006, Fitch upgraded ResCap's IDR to 'BBB' from 'BBB-' and its parent GMAC
) IDR to 'BB+' from 'BB' (Rating Outlook Positive) following the closing of the sale of a controlling interest in GMAC
to a consortium led by Cerberus FIM Investors, LLC.
Coastal Properties GMAC
Real Estate, South Padre Island, Texas
Mortgage will provide interim subservicing for the company's full line of first mortgages, closed-end seconds and HELOCs.
For the past year, Morris served as director of strategic partnerships at GMAC
Mortgage, where he was responsible for establishing key subservicing accounts.
With the closing of the transaction, the ratings of GMAC
will no longer be directly linked to those of General Motors Corp.
Mortgage, LLC, the nation's third largest subservicer, will handle interim subservicing for Loan Center of California, Inc.