Hints and tips:
...The ex-KKR dealmaker waging a campaign on a K-Pop machine Activists have historically held little sway in South Korea....
...Tom Marano: Global head of mortgages and asset-backed securities at Bear. Various roles at GMAC/Ally Financial from 2009 to 2013, after a year at Cerberus. Then ran a ski-resorts company....
...The successful auction follows the sale of ResCap’s mortgage servicing business to Ocwen Financial for $3bn on Wednesday after it won a bidding war with Nationstar Mortgage....
...The company has previously bought mortgage servicing businesses from WL Ross & Co, the private equity group, as well as Goldman Sachs and Morgan Stanley, the investment banks....
...Big banks such as Citigroup have repaid crisis-era aid to the US government and the Treasury’s stake in AIG has fallen to a sixth, leaving Ally Financial, once called GMAC, in the dust....
...The former financing arm of General Motors, which used to be called GMAC, Ally had to pull a previous IPO because of fears about its liabilities for failed mortgages....
...Berkshire also sought to displace Nationstar, a mortgage company backed by Fortress Investment Group, as the stalking horse bidder for the mortgage business....
...The Berkshire bids are the latest twist in a battle between Ally, which was the financing arm of GM and went by the name GMAC before the $17.1bn government bailout, and Mr Buffett’s company....
...As part of the deal, a unit of Fortress Investment Group has agreed to pay $2.5bn for the mortgage servicing business of Ally. The court process allows other bidders to trump that offer....
...$20bn fine on the top mortgage servicers....
...The Treasury – which holds $11bn in preferred shares in GMAC, now called Ally Financial – is conducting an auction for ResCap. Several private equity groups have looked at the mortgage lender....
...Bank of America, JPMorgan and Ally’s GMAC Mortgage had all imposed moratoriums on foreclosures to review their practices and have now resumed evictions....
...US hedge fund and buy-out groups BlackRock, Fortress Investment and Centerbridge Partners have expressed interest in buying Residential Capital, the mortgage arm of finance company GMAC, from the US government...
...Goldman said it did not expect the suspension of evictions and foreclosures to “lead to a material increase in its mortgage servicing-related advances”....
...News of the carve-out from GMAC comes as the group continues to seek a buyer for ResCap, its mortgage lending arm, at a sufficient price....
...“Given the sheer volume of foreclosures, it makes it extremely hard not to cut corners,” said Guy Cecala, publisher at Inside Mortgage Finance, a group of industry publications....
...BofA, JPMorgan and GMAC have temporarily suspended foreclosures while they examine their procedures....
...Bank of America, JP Morgan Chase and GMAC Mortgage have all suspended foreclosure cases in 23 states after noting their employees may have mishandled foreclosure documents....
...GMAC, the struggling auto and home lender, on Monday took a big step towards clearing its books of troubled loans when it agreed to sell its $12bn European mortgage business to Fortress Investment Group....
...Profit at the company’s North American automotive finance group declined 1 per cent to $653m, compared with $660m a year earlier....
...GMAC, the consumer lender majority owned by the US government, on Monday agreed to sell its $12bn European mortgage business to Fortress Investment Group....
...The company has also been on a buying spree in Europe, where it bought GMAC’s residential mortgages arm, and in Japan. It also intends to buy more hedge funds....
...Wells Fargo’s push into factoring comes as one of the biggest participants, CIT Group, struggles to regain its footing after a push into mortgage lending forced it to file for bankruptcy protection last...
...That is the view of David Chan, formerly head of business systems at the BBC and CIO at mortgage lender GMAC-RFC, and now director of the Centre for Information Leadership at London’s City University....
...Fannie Mae and Freddie Mac, the rescued mortgage guarantors, are – like GMAC – going the way of deeper state involvement: the Treasury removed a $400bn cap on state aid on Christmas eve....
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