I'm curious since I didn't see anything on MSNBC if there are any stories on the net about this cause if so I'm wondering what will happen to the little bit I owe on my loan that goes through GMAC.
Just for the record I didn't pick them, they purchased the loan from the original bank I went through who I no longer do business with. I just didn't take the time to find someone to refinance and get rid of GMAC. They are terrible as they were the lender for the first house I purchased from a builder and he was backed by GMAC. They put a claim against me on my credit that I was late on a mortgage payment on that house 12 yrs ago and then sent a letter of apology to give to the three credit bureau's that they made a mistake and put the memo on the wrong account and sent it to the credit agencies before contacting me. It took me almost 6 yrs to get it removed from my credit report. -----Original Message----- From: Gruss Gott [mailto:[EMAIL PROTECTED] Sent: Thursday, October 23, 2008 11:53 PM To: cf-community Subject: GMAC Going Down. Will GM? 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:276354 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
