GMAC-RFC (GMAC) announced in June that it has stopped funding new loans while it undergoes a “strategic review” of its Australian business.
GMAC has reportedly assured its partners that it will “honour its obligations” in respect of all settled loans as well as loan applications that are in the pipeline.
The news prompted several calls to Mortgage Business from concerned GMAC-funded businesses.
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A number expressed surprise at the announcement in light of GMAC’s pricing of $300 million of RMBS less than a month ago. GMAC managing director Neil Sinden declined to comment when contacted by Mortgage Business.
