GMAC bankruptcy

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I have a mortgage with GMAC and recently got the notice that they are filing for bankruptcy. There are no problems with my loan, and I am happy to keep making my payments, but I was just wondering if this bankruptcy will affect me in any way, or if there is any sort of action I might want to consider taking. Thanks for the advice.

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Isn't GMAC now Ally?

I have a few GMAC bonds and none of them show any indication/sign of bankruptcy.

Residential Capital (ResCap) which is the mortgage subsidiary of Ally is filing bankruptcy.

It's GMAC Residential Capital (a subsidiary of Ally that holds its legacy mortgages) that filed last month. Ally Financial (the parent company) and Ally Bank did not file. Uncle Sam is the majority owner of Ally Financial and wants to sell, so there most likely will be an IPO in the future. But Ally needs to shed its legacy mortgages for there to be a successful IPO, so they are doing that through bankruptcy.

The bankruptcy should not really affect you unless you were in the middle of a refinancing, modification, short sale, etc. -- all of those things will likely be delayed. But otherwise you still owe your payments. Eventually someone will buy the mortgage portfolio and you will have a new servicer, so you may have someone new to receive your payments in the future.

This is a replay of the Good Bank-Bad Bank schemes used to Resolve banks by RTC back in the late 80's-early 90's. You will most likely stay with the Good Bank.

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