Bloomberg : 

GMAC Residential Capital Declares Bankruptcy

As we have discussed in January 2012 when it was but a rumor
(see here), GMAC is filing a bankruptcy under Residential Capital.  Dan Edstrom writes:

GMAC Residential Capital Declares Bankruptcy

By Daniel Edstrom

DTC Systems, Inc.

According to Residential Funding Corporation, GMAC was one
of the largest entities securitizing loans in 2000.  This bankruptcy probably has an impact on
nearly every single GMAC based loan or loan that was securitized by GMAC.  Many of the GMAC deals pledged the loans to
the trusts but never actually perfected the transfer.  This could mean that your “lender”,
“creditor” or “owner” of these loans is one of the many related entities of
Residential Capital (RESCAP) – which may be a problem because they have
probably been paid in full.  Many of
these entities had a security interest in the money advanced to fund the loans,
even though they were not the named lender. 
Many of these entities were required and obligated to make payments on
the borrowers loans – and they did in fact make payments.  Many of these entities had guarantee
agreements with other parties (such as servicers) to reimburse them for
payments of principal and interest made on borrowers loans.

Here is the list of related entities RESCAP is attempting to
consolidate into one bankruptcy:

•ditech, LLC

•DOA Holding Properties, LLC

•DOA Properties IX (Lots-Other), LLC

•EPRE LLC Equity Investment I, LLC

•ETS of Virginia, Inc.

•ETS of Washington, Inc.

•Executive Trustee Services LLC

•GMAC – RFC Holding Company, LLC

•GMAC Model Home Finance I, LLC

•GMAC Mortgage USA Corporation

•GMAC Mortgage, LLC

•GMAC Residential Holding Company, LLC

•GMAC RH Settlement Service, LLC

•GMACM Borrower LLC

•GMACM REO LLC

•GMACR Mortgage Products, LLC

•HFN REO SUB II, LLC

•Home Connects Lending Services, LLC

•Homecomings Financial Real Estate Holdings, LLC

•Homecomings Financial, 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

•RCSFJV2004, LLC

•Residential Accredit Loans, Inc.

•Residential Asset Mortgage Products, Inc.

•Residential Asset Securities Corporation

•Residential Capital, LLC

•Residential Consumer Services of Alabama, LLC

•Residential Consumer Services of Ohio, LLC

•Residential Consumer Services of Texas, LLC

•Residential Consumer Services, LLC

•Residential Funding Company, LLC

•Residential Funding Mortgage Exchange, LLC

•Residential Funding Mortgage Securities I, Inc.

•Residential Funding Mortgage Securities II, Inc.

•Residential Funding Real Estate Holdings, LLC

•Residential Mortgage Real Estate Holdings, LLC

•RFC – GSAP Servicer Advance, LLC

•RFC Asset Holdings II, LLC

•RFC Asset Management, LLC RFC

•Borrower LLC

•RFC Construction Funding, LLC

•RFC REO LLC

•RFC SFJV-2002, LLC

(Beth againHere’s another interesting snippet from
Mortgage News Daily, regarding Ally Bank (dba GMAC Bank) writing to its
customers in warehouse lending and banking, saying that it was NOT part of the
bankruptcy:

The GMAC/ResCap bankruptcy has long been anticipated – heck,
even this commentary has been mentioning it for months. Clients received this
note: “GMAC Residential Capital, LLC (ResCap) announced they have filed for bankruptcy
protection. Ally Bank (dba GMAC Bank) is a separate legal entity from ResCap
and operates independently of ResCap. Business Lending is an operating division
of Ally Bank consisting of Warehouse Banking, Correspondent Lending and
Wholesale Lending. The decisions made by ResCap do not impact ongoing
operations of Ally Bank’s Business Lending Division. We would like to reassure
all of our clients that your business relationship with Ally Bank will not be
impacted by these changes. Ally remains an active participant in the
Correspondent and Wholesale lending channels, and will continue to honor its
commitments and purchase and fund those loans. Ally Bank continues to maintain
lending relationships and continues to provide warehouse financing to those customers.
In addition, Ally Bank is a direct seller to FNMA and FHLMC and maintains a
servicing portfolio of both agency and non-agency loans.”