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Report: GMAC to Name New Chief

TSC Staff

Chief Operating Officer Al de Molina is expected to be named CEO of troubled closely held mortgage lender GMAC as early as today, according to the The Wall Street Journal.

He would succeed Eric Feldstein, who has run GMAC since 2002. The lender, whose ResCap mortgage unit has been hit hard by credit market turbulence, is 49%-owned by General Motors(GM Quote). The remainder is held by private equity firm Cerberus Capital.

Feldstein is expected to move to a job at Cerberus, the Journal reported.

A Bank of America(BAC Quote) veteran, de Molina came to GMAC in August after a brief stint at Cerberus.