Originally part of the financial services wing of General Motors, GMAC Mortgage grew to become a dominant force in the U.S. housing market, providing mortgage origination and servicing. The company was heavily impacted by the 2008 subprime mortgage crisis. Its parent company, GMAC, received a federal bailout and subsequently rebranded as Ally Financial in 2010. As part of its restructuring, Ally Financial sold the bulk of GMAC Mortgage's servicing and origination operations to Ocwen Financial Corporation in 2012. The legacy of GMAC Mortgage is now tied to the history of the 2008 financial crisis and the subsequent transformations in the U.S. mortgage industry.

Founded in

Canada