GMAC Holding Co. Files For Chapter 11 Despite Listing $ 1B In Assets

GMAC Holding Co. Files For Chapter 11 Despite Listing $ 1B In Assets

NEW YORK - (Mealey's) GMAC-RFC Holding Co. LLC filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York on May 14 despite listing more than $ 1 billion in assets (In Re: GMAC-RFC Holding Company LLC, No. 12-12029, Chapter 11, S.D. N.Y. Bkcy.).

On the same day, Bankruptcy Judge James M. Peck authorized the joint administration of the bankruptcy with the Chapter 11 proceeding of Residential Capital LLC and more than 40 of ResCap's affiliates.
 
Secured Notes

GMAC lists its largest creditor as Deutsche Bank Trust Co., which holds a variety of secured notes with a combined value of $ 956,315,200.

The joint administration order combines the GMAC bankruptcy with the Chapter 11 proceedings of Residential Capital LLC, Residential Funding Co. LLC, Ditech LLC, DOA Holding Properties LLC, DOA Properties IX LLC, EPRE LLC, Equity Investment I LLC, ETS of Virginia Inc., ETS of Washington Inc., Executive Trustee Services LLC, GMAC Borrower LLC, GMAC Model Home Finance I LLC, GMAC Mortgage USA Corp., GMAC Mortgage LLC, GMAC Residential Holding Co. LLC, GMACR Mortgage Products LLC, GMACM REO LLC, GMACRH Settlement Services LLC, HFN REO Sub II LLC and Home Connects Lending Services LLC.
 
Joint Administration

The bankruptcy judge's order also authorized the joint administration of the GMAC Chapter 11 proceeding with the bankruptcies of Homecomings Financial LLC, Homecomings Financial Real Estate Holdings LLC, Ladue Associates Inc., Passive Asset Transactions LLC, Pati A LLC, Pati B LLC, Pati Real Estate Holdings LLC, Rahi A LLC, Rahi B LLC, Rahi Real Estate Holdings LLC, Residential Consumer Services of Alabama LLC, Residential Asset Securities Corp., RCSFJV2004 LLC, Residential Accredit Loans Inc., Residential Asset Mortgage Products Inc., Residential Consumer Services of Ohio LLC, Residential Consumer Services of Texas LLC, Residential Consumer Services LLC, Residential Funding Mortgage Exchange LLC, Residential Funding Mortgage Securities I Inc. and Residential Funding Mortgage Securities II Inc.

Also jointly administered with the GMAC Chapter 11 case are the bankruptcies of Residential Funding Real Estate Holdings LLC, Residential Mortgage Real Estate Holdings LLC, Residential Mortgage Real Estate Holdings LLC, RFC Holdings II LLC, RFC Asset Management LLC, RFC Borrower LLC, RFC Construction Funding LLC, RFC-GASP Servicer Advance LLC, RFC REO LLC and RFC SFJV-2002 LLC.

GMAC is represented by Larren M. Nashelsky of Morrison & Foerster in New York.
 
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Comments

Anonymous
Anonymous
  • 05-22-2012

could this be of effect for those who their home in forclosure by GMAC

Anonymous
Anonymous
  • 06-01-2012

Probably due to denying there mortgaged homeowners the chance to refinance. There more than happy to buy your mortgage but you can't refinance due to Change In Policy Thanks GMAC Mortgage

Anonymous
Anonymous
  • 06-05-2012

I own a home & my divorce put in a position where I had no choice but to file Chapter 11 in order to keep my children an myself in our home. Today I recieved a letter that in all honesty makes it sound like I'm going to loose my home and a page long list of new companies claiming debt against me. I'm baffled and freaking out! I've been perfect on my payments to the court (and I haven't opened any credit lines of any kind) and I'm utterly confused as to how this will all impact my life/home. Can anyone explain in laymen terms what this all mean? Thank you in advanced

Anonymous
Anonymous
  • 06-06-2012

Gmac is the most dishonest corp in this country today, they must be destroyed by not doing bussiness with them.Our goverment leaders are protecting them, you have to wonder how a company with so so many lawsuits can stay in bussiness.GMAC you must go away.

Anonymous
Anonymous
  • 06-06-2012

What does this mean for people that have their mortgage with GMAC and in good standings?

Anonymous
Anonymous
  • 06-08-2012

It means GMAC is “restructuring” so they don’t have to pay debt in the meantime. As for your current mortgage you still have to pay the same payments you have been. I wouldn't be too worried at this point.

Anonymous
Anonymous
  • 10-03-2012

GMAC are low lifes. They received at least 12 billion dollars in bail out money and now they freeze HELOC funds permanently because of re-organization. This is all a ploy to not payback the bailout money. This, at the expense of the mortgage holders.Why doesn’t the government step in now and force them to release our funds. At this point the taxpayers own this company along with GM. Where is the government now? Thanks Obama. Is there a class action I can take against these unscrupulous SOB's?