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Special Servicer Inks Deal With GMAC

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Mortgage Daily

                                                 August 10, 2009

Senior executives from a GMAC Financial Services unit have joined a special servicer. Business is good, as their former employer has signed on as a customer.

The deal was announced by Mountain Funding LLC.

Subsidiary Mountain Special Servicing LLC will provide nationwide asset servicing and other consulting services for GMAC-ResCap’s Business Capital Group’s residential development real estate owned and non-performing loan assets.

The Charlotte, N.C.-based asset manager said it picked up 14 senior management and real estate professionals from GMAC’s REO asset management group. Among those executives were Joel Kaul.

The statement noted that ResCap continues to service a portfolio of around 2.6 million mortgage loans and that it “is the fifth largest mortgage servicer in the nation.”

Mountain reported that it manages around 90 assets for more than $1 billion, with “close to 30,000 residential lots under management.” It is prepared to invest $1 billion in distressed debt and property over the next few years.

“Mountain Funding will be able to utilize its asset management staff to efficiently underwrite and bid on distressed debt portfolios, an area in which we expect to be a major player for the next three years,” Mountain Chief Executive Officer Peter J. Fioretti said in the statement.

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