GMAC Promotes Lemieux

GMAC Financial Services has promoted Jeffrey Lemieux, a former executive at Cerberus Capital, to the position of senior vice president of business lending sales in its mortgage division. In his expanded role he will oversee customer relationships in the firm's correspondent channel and warehouse network under the auspices of the business lending/mortgage capital markets unit. Lemieux's promotion comes in the wake of several recent departures of top managers in the servicing department of Residential Capital Corp., GMAC's mortgage banking affiliate. Earlier this week, National Mortgage News broke the news that servicing executive John Vella had left the company to take a position with another firm. Prior to his promotion, Lemieux was senior vice president of fee based servicing and he retains these responsibilities managing the servicing capabilities that GMAC provides to third-party organizations. A few years back Cerberus paid $14 billion for a 51% stake in GMAC. Today, that stake has been reduced to just under 15%, leaving Cerberus with a massive paper loss on its investment. The U.S. Treasury is the largest stakeholder in GMAC with 56.3%. The company has hired Goldman Sachs to explore a sale of ResCap.