GMAC under Christopher Nordeen became the largest subprime lender in UK and Spain!! This all started with GMAC attempting to carve out it's own market for secondary mortgages and by passing Freddie Mac and Fannie Mae. GMAC went to Europe where the market was less regulated. Here is a copy of their advertisement article for GMAC-RFC dated Thursday, October 6, 2005 for American Banker, The financial Services Daily.
https://www.gmacrfc.com/...
Cerberus Capital Management owns 51% of GMAC and Chrysler.
In 2001 the UK-subprime market was dominated by the GMAC. GMAC was the number one sub-prime lender in UK.
http://www.faqs.org/...
By 2003 GMAC-RFC had become the 13th largest mortgage lender in the UK. Below is the article.
https://www.rmacinvestors.com/...
Recently GMAC have been losing money and is having difficulty surviving it financal escapade, losing as much as $2.5 billion this year and $1.6 billion last year.
http://news.bbc.co.uk/...
Cerberus Capital Management have not made a profit since 2006, most of its problems are with sub-prime loans. See article in Business Week.
http://www.businessweek.com/...
For all intensive purposes, Cerberus Capital Management has hijacked GM and Chrysler. They have negotiated rediculous terms with the Unions to keep payment of laborers even if they get laid off. They are using the union laborers as leverage against USA government to help them bail out of the finacial woes of Sub-prime lending in UK and Spain.