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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 MotorsGM. 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 AmericaBAC veteran, de Molina came to GMAC in August after a brief stint at Cerberus.
The pact is worth more than $9 billion.
Proceeds will be around $1.1 billion.
Havens was previously CEO of Citi Alternative Investments, and Klein was chairman and co-CEO of Citi Markets & Banking.
Yahoo! is among the most searched stocks on TheStreet.com. Here's what Cramer had to say about the stock recently.
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The June West Texas Intermediate contract reflects selling pressure ahead of Tuesday's expiration. But stocks in the sector are generally trading higher.
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