Diteck Facts And Information

Diteck is a establishment that gives loans, specially home loans/mortgages. Diteck is a very well respected and well known company.

Ditech (Diteck), is a lender, offering mortgages and lines of credit as a member of the General Motors Acceptance Corporation (GMAC) which purchased ditech (Diteck) from its private owner in 1999. The company's name is a portmanteau derived from the phrase Direct Technology.

In late 2006, a controlling interest(51%) of GMAC was acquired by private equity outfit Cerberus Capital Management. As of 2008, ditech is part of Residential Capital, LLC (also known as "ResCap") which includes ditech (Diteck) and several GMAC-branded lending businesses. Ditech opened in 1995 and is based in Costa Mesa, Orange County, California; several significant firms in the mortgage lending and mortgage brokerage industry are based in Orange County.

Despite advertising efforts, (Diteck) ditech's loans and mortgages have been categorized as subprime lending products. Ditech was a pioneer in offering 125 percent loans, in which the borrower could get more than the property was worth. It specialized in low-documentation mortgages, or state income loans where, unfortunately, many borrowers falsified their income.

Many holders of these mortgages have defaulted or, unable to repay them, have received interest rate adjustments, creating the possibility of losses among those who in turn lent to ditech's parent, ResCap. "Owners of some notes issued by ResCap are being asked to trade them in for new bonds with face values of as little as 80 cents on the dollar. Other holders are being offered the chance to sell back bonds to the company, for as little as 65 cents on the dollar."

This is just a little information about Diteck and their Diteck Loans, feel free to browse the blog for more details.