GMAC Mortgage Company Provides All Your Housing Needs

2007-03-08 10:33:40

( Financial )



GMAC began as General Motors Acceptance Corporation, an auto financing subsidiary of General Motors offering retail and wholesale financing to car dealers. In 1985, GMAC acquired two companies involved in mortgage loan operations and loan servicing and formed the GMAC Mortgage Company.

In 1990, GMAC Mortgage Company acquired Residential Funding Corporation, a real estate finance and investment company. This acquisition later led to the formation of GMAC Home Services, which provides real estate services and global relocation services, and GMAC Bank, which undertakes GMAC lending operations.

GMAC Mortgage Company, through Residential Capital Corporation, is affiliated with Homecomings Financial, which also offers Homecomings mortgage products to particular segments in the real estate market.

You can get lost in the maze. But you can be sure of one thing: GMAC Mortgage Company has developed a host of GMAC mortgages to service whatever mortgage needs you may require. GMAC mortgages are designed to reach out to you personally.

Your basic housing mortgage needs are serviced through the usual GMAC mort facilities – fixed-rate mortgages, adjustable-rate mortgages and balloon mortgages. More specific needs – for those with little cash for down payments and closing costs – get serviced through GMAC mortgages that give you a second mortgage of up to four percent of the target loan amount. GMAC mortgages also allow you access to Federal Housing Administration and Veterans Administration housing programs.

Your various housing mortgage needs get personal service from GMAC mortgage and Homecomings mortgage agents and personnel. But, without you knowing it, GMAC Mortgage Company also supports your housing mortgage needs in another way: it serves as a secondary market for mortgage debt paper. GMAC mortgage-buying operations thus provide additional liquidity to your lender, allowing the lender to continue lending operations.

You may perhaps remember that in the late 1990s many firms doing business in the secondary real estate market began running into liquidity problems, due to weak capitalization and intense competition. Of the top ten companies in that market at year-end 1998, all but one of the firms either went into bankruptcy or were forced to sell out. Only GMAC Mortgage Company survived intact.

Through the years, GMAC Mortgage Company has, and will continue to provide the mortgage products and real estate services you need.


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