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GMAC Financial Services says Alvaro de Molina has stepped down as CEO, a surprise departure that comes as the troubled auto lender remains in negotiations with the government over its third round of taxpayer aid.
GMAC, the main lender for GM and Chrysler customers and dealers, reported another quarterly loss Wednesday as bad loans continued to haunt its mortgage lending unit.
GMAC, the former lending arm of General Motors Co., is in talks with the Treasury Department for a third injection of taxpayer aid, a further sign of the U.S. government's entrenchment in the auto industry.
GMAC Financial Services said Monday that it will offer a leasing option on select vehicles to drivers in 45 states.
GMAC Inc. said Tuesday it posted a wider second-quarter loss of $3.9 billion as it shifted from being primarily an auto and mortgage loan company to an online, retail bank.
GMAC Financial Services says it declared quarterly dividend payments on preferred stock issued to the federal government and to its own subsidiary, Preferred Blocker Inc.
It's been a bad few months for New York financier J. Ezra Merkin. First, his hedge funds lost $2.4 billion in the Bernard Madoff swindle. Then, he lost his post as chairman of GMAC Financial Services.
Auto lender GMAC Financial Services on Wednesday said it has priced a $4.5 billion note offering guaranteed by the Federal Deposit Insurance Corporation under its temporary liquidity guarantee program.
The government now has an equity stake in auto lender GMAC Financial Services after providing $12.5 billion in aid to keep loans flowing to buyers of GM and Chrysler cars, the Treasury Department said Tuesday.
The U.S. government could eventually own a majority stake in GMAC Financial Services following its latest $7.5 billion aid package to the ailing auto financing company.
Developments from Thursday's Chrysler bankruptcy hearing:
GMAC Financial Services said Tuesday that it will not be automatically be forced to file for bankruptcy protection if General Motors Corp. is unable to restructure itself by its government imposed deadline.
GMAC Financial Services said Friday it declared quarterly dividend payments on preferred membership interests issued to the Treasury Department and GMAC's Preferred Blocker Inc. subsidiary.
GMAC Financial Services said Tuesday it swung to a $7.46 billion fourth-quarter profit as proceeds from a huge debt swap more than offset billions of dollars in losses at its auto-financing and mortgage businesses.
GMAC LLC will no longer have exclusive rights to provide no- or low-interest loans to people who take advantage of General Motors financing incentives, as part of the complex deal that gave the troubled lender billions in federal aid.
Several analysts expressed skepticism Friday that the Federal Reserve's decision allowing GMAC Financial Services to become a bank holding company would spur many more people to buy cars.
With a key deadline looming just a day away, GMAC LLC is running out of time and hasn't found nearly enough support for its plan to swap $38 billion of debt, become a bank holding company and gain eligibility for part of the government's $700 billion bank rescue package.
GMAC Financial Services, the financing arm of General Motors, said Wednesday that its bid to become a bank holding company and qualify for aid under the government's $700 billion bank rescue plan may be in danger because it hasn't raised the capital needed to meet federal requirements.
GMAC Financial Services, the financing arm of General Motors, said Thursday it applied to become a bank holding company, making it eligible for aid under the government's $700 billion bank rescue plan.
GMAC Financial Services said Wednesday its third-quarter loss widened to $2.52 billion, as the ongoing woes of the global credit industry resulted in steep losses at its mortgage division.
GMAC Financial Services said Thursday it swung to a $2.48 billion second-quarter loss, pulled down by a steep drop in the values of used trucks and sport utility vehicles.
GMAC Financial Services said Tuesday its first-quarter loss widened as its automotive finance business weakened — though results improved slightly in its struggling mortgage operations.
GMAC LLC said Tuesday it lost $724 million in the final quarter of 2007 as the housing slump and disruptions in the credit and capital markets battered the lender's home mortgage division.
GMAC Financial Services said on Wednesday it would cut about 3,000 jobs, or 25 percent of the work force at its Residential Capital LLC mortgage operation.
GM's Lending Arm Files Paperwork to Become a BankGeneral Motor's financial arm, GMAC Financial Services, applied to become a bank holding company today, a move that could allow it to grab a piece of the Treasury Department's $700 billion rescue package and give it access to the Federal Reserve's discount window to receive emerg …
Former Bush Treasury Secretary Vies for $50 Billion Iraq ContractWithin days of Mr. Snow becoming chairman of the New York hedge fund that owns IAP Worldwide Services Inc., the company submitted its bid for huge Army contracts that will be awarded by year-end. Mr.
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