IS DITECH THE ONLY GAME IN TOWN

Ditech Has Competition

When it comes to the home loans and refinancing game Ditech has stiff competition.

• EHomeCredit Corp
• My Countrywide Home Loans Inc
• International Mortgage

These are just a few that you can find out on the net that are doing very well. If you are currently looking for a home loan or refinancing your mortgage then stay tuned to this blog. We will be reviewing some of the hot names in the market and stacking them up against Ditech to see how they fair.

Remember, you´ve always got a choice in who you select for your home loan or refinancing. Make sure its an educated choice you make.

DITECH ON WIKOPEDIA

Here is what we found on Wikopedia for Ditech.

Ditech is a lender, offering mortgages and lines of credit as a member of the General Motors family of companies, specifically General Motors Acceptance Corporation (GMAC) which purchased Ditech from its private owner in 1999. The company's name is a portmanteau derived from the phrase Direct Technology.[1] In late 2006, a controlling interest(51%) of GMAC was acquired by private equity outfit Cerberus Capital Management.
While Ditech is best known to many people for its past commercials featuring an obnoxious, red-headed actor shouting the catch phrase "Lost another loan to Ditech!" In May, 2007, the company introduced a new marketing campaign, adding the tagline "People Are Smart" and including the signature line Home financing by GMAC to further help separate and elevate the Ditech brand from other direct-to-consumer lenders--a category often thought of as including some fly-by-night or less than savory companies.
Along with the new tagline and distinctive, new illustration-based TV campaign, Ditech also introduced, for the first time, a menu of branded products. These products included the "Sleep EZ Loan" (a fixed rate mortgage that gives borrowers payment relief by allowing them to pay interest only for the first ten years without any negative amortization), and "Real Life Plan," (combining a first mortgage, home equity loan, and a credit card that builds points to pay down mortgage principle).

Ditech Cuts Back

Residential Capital LLC, the home-lending arm of GMAC Financial Services and parent of Ditech.com in Costa Mesa, confirmed today it’s cutting about 3,000 jobs, or roughly 25% of its workforce.
The cuts include 120 jobs at Ditech’s Costa Mesa headquarters. Ditech will have 300 workers left in O.C. after the cuts.
Here’s more from the Wall Street Journal, which reported on the cuts earlier today:
The unit, known as ResCap, is expected to cut about 3,000 of its 12,000 employees, in addition to the 1,000 who were to be cut by the end of this month, as announced in January.
“ResCap has taken aggressive actions to date and will continue to adjust its operations to be more in line with the dramatically changed real-estate finance environment,” spokesman Stephen DuPont wrote in a release. “We are focused on turning around the business and believe ResCap will continue to be a market leader in the mortgage space for the long term.” He declined to comment further.
Like other lenders, ResCap, a former crown jewel of GMAC, has been grappling with the nation’s worst housing downturn in more than a decade.
General Motors Corp. sold a 51% stake in GMAC to a consortium of investors led by Cerberus Capital Management in November. In the sale, GMAC received a common-equity injection of about $1 billion from GM and used the funding to shore up ResCap’s balance sheet.