My old mortgage was with GMAC, i had a great rate. On Thu, Oct 23, 2008 at 10:53 PM, Gruss Gott <[EMAIL PROTECTED]> wrote:
> Word on the street is that GMAC is this close >< to being swarmed by the > feds. > > (1.) Their rates SUCK! (are car loans even avail right now? below > prime? I dunno ...) > > (2.) GMAC is cut off from any source of capital. They can't get a > bank loan and NOBODY is in the mood to buy their securities (thaaaat's > right. Those pesky derivatives!). This mean not only does nobody > want their money, but they have no money to give. > > (3.) GMAC has ~$150B of assets against ~$175B of debt, $20B of which > is bank deposits. > > And it's majority owner, PEG Cerberus, would be insane to try to save > it. So GMAC is goin' down VERY soon. Word is that the Feds are going > to lock down the bank tomorrow night. > > So what about GM?? > > (1.) GM still owns about 50 percent of GMAC so if it goes bankrupt GM > will take a hit. > > (2.) GM's customers will have to find loans on the open market. > > (3.) 80% of GM's dealers use GMAC for loans. They'll have to find a > new lender and/or go down too. > > Not looking good for GM. > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;207172674;29440083;f Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:276329 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
