GMAC Names Subservicing Chief

Fort Washington, PA-GMAC Financial Services named Jeff Lemieux, a hedge fund executive, senior vice president of fee based servicing.

Mr. Lemieux comes to GMAC's mortgage division, Residential Capital Corp., from Cerberus Capital Management, where he oversaw the hedge fund's investment in mortgage and consumer assets. (Cerberus owns part of GMAC.)

At ResCap he replaces Tom Donatacci who left a few months ago to work for Clayton Holdings, a due diligence outsourcing firm. Mr. Lemieux will report to GMAC Mortgage president and ResCap chief operating officer Anthony Renzi.

At the end of March ResCap was the nation's fifth largest home mortgage servicer with $390 billion in receivables, according to Mortgage Servicing News and the Quarterly Data Report.

Mr. Lemieux will be based in the firm's Carlsbad, Calif., office. GMAC's fee-based servicing unit provides subservicing, private label and other services to third-party firms. Mr. Lemieux also worked at New Century Financial Corp., Irvine, Calif., a now-defunct subprime lender/servicer. GMAC also hired Dana Dillard as senior vice president of what it calls "special mortgage initiatives."

Meanwhile, GMAC says it's "business as usual" at the company even though one of its owners, General Motors, filed for bankruptcy protection last month.

A GMAC spokeswoman stressed that "we have no intention of filing for bankruptcy," adding that GM owns only 10% of the financial services company.

GMAC is a bank holding company that a few months ago completed a large restructuring with its bondholders. Cerberus owns 22% of GMAC with the U.S. Treasury owning a large piece as well because of a $5 billion TARP investment. Asked if GM might sell its stake in GMAC, the spokeswoman declined to comment.

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