Marginal Revolutions
Mortgage: Ditech
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Ditech has been a very popular mortgage and credit lender. It is a member of the General Motors Acceptance Corporation also known by its abbreviation of GMAC. GMAC purchase Ditech in the year 1999. The companies name is derived from the term Direct Technology. In 2008 Ditech became part of Residential Capital, LLC which is also known by its other name of ResCap. This company includes Ditech and several other GMAC lending businesses. The company Ditech opened in 1995 and is based out of Costa Mesa, Orange County, California.
Ditech is known to many people because of its obnoxious commercials. Many of its commercials features the actor Ron Michaelson who shouts the Ditech catch phrase, Lost another loan to Ditech. The commercials could be seen all over the television on many different channels. The new marketing campaign in 2007 added the tagline, People Are Smart and included a Home financing by GMAC to help elevate Ditech from other mortgage companies. During this time Ditech offered a menu of different products. Some of the products included the Sleep EZ Loan that was a fixed rate mortgage that gave borrowers relief by allowing them to pay interest for
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