LANDER – Callers to GMAC Mortgage offices across the state this week got the following message ”Thank you for calling GMAC Mortgage. This office is now closed.” The message went on to provide callers with numbers to assist them with their currant and pending mortgages, but the company’s physical presence in Wyoming and everywhere else has ended.

In a New York Times article on Sept. 3, the company announced that it would be closing all 200 retail offices to combat weak housing and credit markets. Seven of those offices were in Wyoming.

"ResCap will continue to originate loans in the U.S. and internationally where there is a secondary market to sell those loans," the company announced, citing "the downturn in the credit and mortgage markets" as drivers for the move.

According to the Times, the problems stemmed from GMAC’s Residential Capital mortgage unit. In June, GMAC arranged a $60 billion refinancing package to stave off collapse of ResCap, which had lost $7.2 billion in seven straight unprofitable quarters.

GMAC is currently owned by Cerebus Capital Management and General Motors Corp. General Motors sold 51 percent of ResCap to Cerebus in 2006, and industry insiders predicted that General Motors planned to exit the residential mortgage business and divest itself of GMAC Real Estate. On Sept. 30 it looked as if those insiders were right, as a Canadian company, Brookfield Residential Property Service, purchased GMAC Home Services LLC, GMAC Relocation Services and GMAC’s GHS Mortgage.

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