Bloomberg: GMAC Steps Into Warehouse Lending

Posted by Orb Staff on April 17, 2009 No Comments
Categories : Residential Mortgage

jority of GMAC mortgages are being originated via correspondent channels, Thomas Marano, CEO of GMAC subsidiary ResCap LLC, [u][link=http://www.bloomberg.com/apps/news?pid=20601103&sid=aYfOXPSnSUdw&refer=us]told Bloomberg[/link][/u]. Triggered by low interest rates, GMAC is joining Well Fargo in an effort to shore up warehouse lending. Marano told Bloomberg that the company recently hired Adam Glassner, former managing director of Bank of America's investment portfolio, to head its warehouse lending operations. GMAC's reliance on broker channels is the result the company's shuttering last year of all of its 200 retail locations. The company also shed 60% of the ResCap workforce in 2008. SOURCE: Bl

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