Mortgage Daily

Published On: July 2, 2009
GMAC Restructured, RenamedConverts to corporation

July 2, 2009

By MortgageDaily.com staff

GMAC LLC has changed its name and restructured how it is organized.

GMAC LLC Tuesday converted from a Delaware limited liability company to a Delaware corporation, according to a filing with the Securities and Exchange Commission.

As part of the transition, the Detroit-based financial institution was renamed GMAC Inc.

“As a result of the conversion, GMAC will be subject to corporate U.S. federal, state and local taxes beginning in the third quarter of 2009,” the filing said. “Additionally, following the conversion, GMAC will recognize deferred tax assets and liabilities.

“The conversion will facilitate implementation of the registration rights that GMAC has provided to its common and certain of its preferred shareholders.

GMAC Corp. is a bank-holding company and the indirect the parent of Residential Capital LLC.


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