Who owns the GMAC mortgage company?


Quick Answer

GMAC Mortgage was originally part of General Motors' finance group, but it was renamed and taken over by its current holder Ally Financial in 2010. This occurred after the company received a bailout worth billions of dollars.

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Full Answer

Formed in 1919 to provide auto loans, the firm opened branches throughout the United States and Canada. GMAC quickly diversified to include operations in insurance, online banking and commercial financing. In 2010, GMAC lost its primary insurer Old Republic amidst investigation from the FDIC and Federal Reserve over foreclosure processing procedures. As of 2015, Ally Financial is headquartered in Detroit, Mich. and retains more than 15 million customers with its variety of financial services.

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