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BUSINESS BRIEFING / LENDING : GMAC chief De Molina is leaving

November 17, 2009|Times Wire Reports

Auto and home lender GMAC Financial Services said Chief Executive Alvaro de Molina was stepping down.

Michael A. Carpenter, a member of GMAC's board of directors, has been named his successor.

De Molina's sudden resignation comes while the lender is in the midst of negotiating with the Treasury Department over additional taxpayer assistance. GMAC is instrumental to the operations of automakers General Motors Co. and Chrysler Group, but its finances have been haunted by bad loans it made in the housing boom.

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