GMAC Restructures Home Loan Biz

General Motors Acceptance Corp., Detroit, has restructured its residential mortgage business, placing both GMAC Mortgage Corp. and Residential Funding Corp. under a new holding company, while giving the unit $2 billion and naming industry veteran Thomas Jacob to the board.The move came about a day before Standard & Poor's cut the credit ratings of General Motors Acceptance Corp. to "junk/speculative grade" status due to financial woes at its automotive corporate parent (see item below). The new holding company, formed earlier this year, is called Residential Capital Corp. ResCap will seek a stand-alone credit rating, and the company said in a statement that it "expects to execute an operating agreement among itself, GM and GMAC during the second quarter of 2005." GMAC and RFC are ranked seventh and 11th, respectively, among all residential loan producers, according to the Quarterly Data Report. Mr. Jacob is the retired chairman and chief executive officer of Chase Manhattan Mortgage Corp.