Monday, 22 September 2014
Last updated 2 days ago
Apr 13 2010 | 10:29am ET
Fortress Investment Group has snapped up GMAC’s European mortgage business, acquiring as much as $12.9 billion in assets.
Affiliates of the New York-based alternative investments giant are buying Residential Capital’s mortgage platforms in Germany, the Netherlands and the U.K. Separately, the firm bought 6,000 British residential mortgage whole loans from ResCap for US$177 million.
The main deal includes some loan assets, non-performing loans and servicing rights, and stake of operating entities in the three countries. All told, Fortress is getting some 10% of ResCap’s assets.
GMAC, which received more than US$17 billion in U.S. government bailout money, is shedding businesses to refocus on its core auto lending business.
“The agreements to sell the European mortgage assets and business are key steps toward our objective of reducing the ongoing exposure for GMAC from the legacy mortgage operation,” GMAC CEO Michael Carpenter said.
The Detroit-based lender will see neither a gain or loss from the sale, it said.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
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