UPDATE: GMAC Financial Services is counting on increased lending from its GMAC Bank division in central Montgomery County, to lift it out of its financial hole. Yesterday's refinancing plan for GMAC's troubled Residential Capital devision relies on "increased production at GMAC Bank," along with cost-cutting, a preference for solvent borrowers over subprime customers, and asset sales, says Standard & Poor's analyst John K. Bartko and his team. 
   Bartko lowered some S&P credit ratings on the company, said it was treating its own unsecured bonds like "distressed" debt, underlining the "gravity" of its financial situation.
   ORIGINAL ITEM: Like a big family with damaged credit struggling to pay its mortgage and credit cards, GMAC Financial Services and its home loan affiliate Residential Capital LLC (ResCap) has nailed what it called "one of the largest global refinancings ever completed," a $60 billion, 50-lender complexity with key guarantees from GMAC godparent General Motors Corp. and its lead investor, Cerberus Capital Management LP.
  ResCap is based in Minneapolis, but its major office center is in Ft. Washington; the company employs nearly 1,900 in the Philadelphia area.
 "ResCap will live to fight another day, though its long-term prospects remain uncertain at best," wrote analyst Kathleen Shanley of Gimme Credit in a note to clients. "There are no indications that ResCap is on the road back to profitability," she added, citing ResCap's still-increasing capital needs and its inability, so far, to sell loan portfolios to raise cash.
  More on the refi at https://www.rescapholdings.com/