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GMAC, massive consumer financing arm, spent $740,000 in second quarter of this year to lobby on mortgages, banking, other issues
WASHINGTON (AP) -- Automotive and mortgage lender GMAC LLC spent $740,000 lobbying in the second quarter on legislation related to mortgage lending, banking and other issues, according to a recent disclosure report.
The Detroit-based company is majority owned by private-equity firm Cerberus Capital Management and several of its partners. General Motors Corp. owns a minority stake.
GMAC lobbied on legislation enabling hundreds of thousands of struggling homeowners to refinance into more affordable government-backed mortgages, specifically on a provision that would have allowed judges to alter terms of loans for homeowners in bankruptcy. That provision didn't survive in the final version of the measure signed into law by President Bush last month.
GMAC also lobbied on legislation that would bar industrial companies like General Motors from setting up or owning so-called industrial loan companies. ILCs are federally insured institutions that can issue credit cards, make loans and take deposits.
The company also lobbied on measures related to insurance regulation, consumer credit and information, financial literacy and taxes.
The Detroit-based company is majority owned by private-equity firm Cerberus Capital Management and several of its partners. General Motors Corp. owns a minority stake.
GMAC lobbied on legislation enabling hundreds of thousands of struggling homeowners to refinance into more affordable government-backed mortgages, specifically on a provision that would have allowed judges to alter terms of loans for homeowners in bankruptcy. That provision didn't survive in the final version of the measure signed into law by President Bush last month.
GMAC also lobbied on legislation that would bar industrial companies like General Motors from setting up or owning so-called industrial loan companies. ILCs are federally insured institutions that can issue credit cards, make loans and take deposits.
The company also lobbied on measures related to insurance regulation, consumer credit and information, financial literacy and taxes.
