ResCap Pays Off GM Debt Early

Residential Capital Corp., Minneapolis, said it has repaid all domestic and international inter-company borrowings from its parent company, General Motors Acceptance Corp.ResCap, the holding company for GMAC Mortgage and its residential affiliates, has repaid more than $11 billion in GMAC debt in 11 months -- six months ahead of its target goal. In early April Cerberus Capital Management, and two partners paid $14 billion for a 51% stake in GMAC. (General Motors, the parent of GMAC, owns 49%.) "We have accomplished one of our major goals well ahead of schedule," said ResCap treasurer Louise Herrle. "We are pleased by the demand for our bond offerings, as well as the depth and breadth of participation from the investment community." The GMAC-related residential units, combined, rank fifth among all mortgage bankers in the U.S., according to figures compiled by the Quarterly Data Report.