Mortgage Daily

Published On: May 28, 2009
GMAC Board Elects New ChairmanFranklin Hobbs named non-executive chairman

May 28, 2009

By MortgageDaily.com staff

Three directors were added to GMAC Financial Services’ board — which elected a new chairman.The bank-holding company announced today that Franklin ‘Fritz’ W. Hobbs has been elected chairman, an announcement Wednesday said.

Hobbs currently serves as an advisor to One Equity Partners LLC — which manages investments and commitments for JPMorgan Chase & Co. He has also held senior positions at Houlihan Lokey Howard & Zukin and UBS AG’s Warburg Dillon Read unit.

Hobbs joins Michael A. Carpenter and Mayree C. Clark as new directors of the Detroit-based financial institution.

Robert T. Blakely and Kim S. Fennebresque were appointed directors last week by the U.S. Department of the Treasury following a $7.5 billion government investment in the company. At the time, GMAC — the parent of Residential Capital LLC — promised to quickly fill the three director slots.


GMAC profile
 

next story

back to current headlines
 

FREE CALCULATORS TO HELP YOU SUCCEED
Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator

Tags

Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Date with Today’s Latest Rates

Mortgage

Today’s rates starting at

4.63%

5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at

4.75%

30 YEAR FIXED
$200,000 LOAN

Home Equity

Today’s rates starting at

3.99%

3 YEAR
$200,000 LOAN

HELOC

Today’s rates starting at

2.24%

30 YEAR FIXED
$200,000 LOAN