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Effective 10.30 a.m. today GMAC-RFC (GMAC) ceased funding new loans while it undergoes a “strategic review” of its Australian business.
The funder has reportedly assured it partners that it would “honour its obligations” with regards to applications in the pipeline and for all settled loans.
Mortgage Business received several calls from GMAC-funded businesses after an email was circulated this morning which notified them of the decision.
Mortgage Business attempted to contact GMAC managing director Neil Sinden but he declined to comment.
A representative from one GMAC-funded group expressed their surprise at the announcement given that GMAC priced $300million of RMBS less than a month ago.
Published: 18-06-08
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