With GMAC's servicing/subservicing chief, Tony Renzi, recently thrown overboard by management, questions are popping up (once again) about the future of GMAC/Residential Capital Corp. One theory has all its mortgage assets being shifted over to its depository affiliate, AllyBank, which is spending mucho bucks advertising its CD rates on television and radio. (The plan could be to eventually sell AllyBank when the market comes back, we're told.) Banks that compete against AllyBank for deposits are none-too-pleased that some of Uncle Sam's $15 billion investment in the company is going toward marketing, but then again, some of those complainers (or most of them) likely got TARP money. It's a crazy mixed up world, indeed...
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