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Latest GMAC Stories

2010-05-12 18:04:00

WASHINGTON, May 12 /PRNewswire-USNewswire/ -- Ed Tonkin, chairman of the National Automobile Dealers Association (NADA), issued the following remarks today in response to a statement issued by President Obama on financial reform: "Sadly, the White House is continuing to issue misleading statements in its efforts to get auto dealers wrongly included in Wall Street reform legislation. Much of what's included in its latest statement is pure fiction. "For example: It urges senators not to...

2010-05-12 11:22:00

NOVI, Mich., May 12 /PRNewswire/ -- Cooper-Standard Holdings Inc., the parent company of Cooper-Standard Automotive Inc., announced that on May 12, 2010, the United States Bankruptcy Court for the District of Delaware confirmed its Second Amended Joint Chapter 11 Plan of Reorganization, paving the way for the Company to exit chapter 11 in late May. "Confirmation of the Plan is one of the final elements of a restructuring geared towards strengthening our financial footing and positioning...

2010-05-12 08:00:00

BOSTON, May 12 /PRNewswire/ -- KDX Ventures, a joint venture between DebtX and KEMA Advisors, successfully auctioned $306 million in non-performing multifamily and healthcare loans for the U.S. Department of Housing and Urban Development (HUD). Sixty-seven bidders submitted more than 200 individual and pool bids for the 26 assets offered for sale in April. The 12 winning bids generated proceeds of more than 48% of unpaid principal balance. All winning bids were submitted on individual...

2010-05-11 10:21:00

DETROIT, May 11 /PRNewswire/ -- Ally Financial Inc. (Ally) today announced that Barbara Yastine has been appointed to the newly-created role of chief administrative officer, effective immediately, as Samuel Ramsey, chief risk officer, elected to leave the company for personal reasons. Ramsey made the decision to resign on May 7, 2010, and will remain with Ally until May 31, 2010. After that time, he will serve as an advisor on key strategic initiatives as the company continues its...

2010-05-05 09:32:00

DALLAS, May 5 /PRNewswire/ -- Residential originations continued to decline in MortgageDaily.com's First Quarter 2010 Mortgage Lender Ranking. Two top-10 originators were unseated. Based on an analysis of first-quarter activity, residential production at U.S. lenders retreated 19% from the fourth-quarter 2009. It was the third consecutive quarterly decline. MetLife Inc's 41% decline was the biggest of the lenders analyzed, moving it out of the top-10 club. Also losing its top-10 title was...

2010-05-05 06:30:00

COLUMBUS, Ohio, May 5 /PRNewswire-FirstCall/ -- Huntington Bank (Nasdaq: HBAN; www.huntington.com) has announced that it is the number-one auto lender in Ohio for the second consecutive quarter. The number-one ranking places Huntington ahead of other well-known banks and finance companies, such as Toyota Financial Services, GMAC, Ford Motor Credit, and JPMorgan Chase. Huntington captured 12.06 percent market share for all of Ohio for new and used cars and light trucks sold through...

2010-05-04 12:31:00

AUBURN HILLS, Mich., May 4 /PRNewswire/ -- Chrysler Group LLC today announced 0 percent financing on most 2010 model year Chrysler, Dodge, Jeep® and Ram truck vehicles when financed through GMAC Financial Services. Chrysler Brand Consumers purchasing 2010 model year Chrysler brand vehicles can choose 0 percent financing for up to 60 months, or 1.9 percent financing for 72 months through GMAC Financial Services, or Consumer Cash of up to $3,000. Jeep Brand Consumers...

2010-05-03 08:00:00

NEW YORK, May 3 /PRNewswire/ -- GMAC Financial Services today reported net income of $162 million for the first quarter of 2010, compared to a net loss of $675 million for the first quarter of 2009. Core pre-tax income, which reflects income from continuing operations before taxes and original issue discount (OID) amortization expense from bond exchanges, totaled $564 million in the first quarter of 2010, compared to a core pre-tax loss of $482 million in the comparable prior year...

2010-04-30 13:50:00

ROTTERDAM, Netherlands, April 30 /PRNewswire/ -- LyondellBasell today announced that the company has emerged from Chapter 11 bankruptcy protection. The company's Plan of Reorganization was confirmed last week by the United States Bankruptcy Court for the Southern District of New York with the approval of an overwhelming majority of the voting creditor classes. "This marks a new beginning for LyondellBasell. We emerge from bankruptcy as a stronger, leaner, more competitive company, with...

2010-04-26 12:03:00

NEW YORK, April 26 /PRNewswire/ -- GMAC Financial Services has scheduled the release of its first quarter 2010 financial results for Monday, May 3, 2010. The press release, including financial highlights, will be issued at 9 a.m. EDT via PR Newswire and on the GMAC Financial Services Media Center Website (http://media.gmacfs.com). GMAC Chief Executive Officer Michael A. Carpenter and Interim Chief Financial Officer James Mackey will host a conference call at 10 a.m. EDT to review the...


Word of the Day
malpais
  • The ragged surface of a lava-flow.
'Malpais' translates from Spanish as 'bad land.'