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Real Estate & Property Law

: Housing Wire

GMAC, ResCap Running Out of Time

By PAUL JACKSON

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Bankruptcy appears to be looming for GMAC LLC and its giant mortgage lending arm Residential Capital LLC, as investors have thus far balked at a $38 billion debt exchange needed to raise sufficient capital for the ailing financial giant to become a federally-chartered bank holding company. The company is extending a deadline for its exchange [...]

Full post as published by Housing Wire on December 11, 2008 (boomark / email).

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