GMAC Mortgage has deals in place with the 19 government agencies that are participating in a ‘Hardest Hit Fund’ to provide assistance to distressed mortgage borrowers.
Since the program was launched in Feb. 2010, each of the 18 states and the District of Columbia created a customized plan to address housing and unemployment issues. (Money eventually allocated under the Emergency Economic Stabilization Act of 2008 backs the program.)
GMAC, one of the mortgage trade names of Residential Capital Corp., works with troubled borrowers in an effort to bring them current or find another solution to their payment problems.
Aside from its participation in the Hardest Hit Fund, GMAC Mortgage claims the highest conversion rate of trial to permanent workouts in the Making Home Affordable Modification Program.
The company said that since 2008, it has completed more than 675,000 default workouts for borrowers.
"GMAC Mortgage is committed to helping borrowers in distress, and we continue to prove this through our dedication to such programs as the Hardest Hit Fund and the Emergency Home Loan Program," said Tom Marano, CEO of Ally Financial's mortgage operations. "Providing our customers with as many options as possible for affordable and sustainable payment relief remains our top priority. Both of these programs are fully operational and we have already been able to assist borrowers throughout the country." (Ally, a bank holding company, is the parent of ResCap.)
