Washington -- The Treasury Department plans to announce as early Wednesday afternoon that it will give GMAC Inc. around $3.5 billion in additional capital, sources told The Detroit News.
Detroit-based GMAC and the Treasury Department have been in talks for months to finalize the amount of money the company would receive. The Treasury Department said earlier this year it would invest up to $5.6 billion more in GMAC -- on top of $13.4 billion GMAC has received over the last year.
GMAC spokeswoman Gina Proia declined to say how much the company expected to get.
"As we have previously stated, GMAC has been conducting a strategic review of its business and evaluating options to address the challenges at ResCap and the mortgage operations," Proia said referring to GMAC's residential mortgage unit. "Critical objectives in the process would be to take actions that position GMAC for improved financial performance and to repay the U.S. government."
LINK HERE
Hmmm - Bailout for GMAC (Greedy Manager Accepting Charity)
ReplyDeleteMore tax payer bonus money for the ceo pricks.I will never ever buy another GM product again after hearing that the president of GM took a 20 million bonus in 2007. Thieves are back in at GMAC which is a bank now run by mobsters. Don't support them.
ReplyDeleteNothing....and I mean, nothing to see here. Business as usual.
ReplyDeleteThis is morally reprehensible.The clock is ticking on a en masse violent reaction.These pricks in Treasury are tempting fate.
ReplyDeleteObama and his inner circle of intellectual carnavores are selling us down the river.
ReplyDeleteProtip: Don't do business with allybank. They're simply a storefront for GMAC.
ReplyDeleteI used to run land title back in the early and middle '00s. On some of the foreclosure titles I did, I was astounded to see ditech.com dba GAMC Mortgage Corp give a second mortgage on a property. This second mortgage was generally for 80% of the property's assessed value. The first mortgage was generally one of two things 1) either for at least 125% of the home's value or 2) a legitimate Grade A mortgage that had been paid down to less than 80% of the value.
Either scenario demonstrates that GMAC mortgage brokers were idiots. There was no way in heck they were going to get all their money back on that second note, even when property valuations were still going up. I guess they simply wanted to take the promissory note/mortgage so they could go out and sell it as a mortgage backed security. I don't know.
I was even more astounded to hear in the Fall of '08 that the federal government was going to allow our not-yet-ready-for-retail-lending players to become an FDIC-insured institution. I remember thinking back then, Well, this mess is far from over if we're not going to honestly address GMAC's issues head on.
It's just absolutely mind-boggling what the bankers and the people on Wall Street have gotten away with and what they're continuing to get away with.
can we get a spellcheck function on this blog for comments? doesn't all the mispelling drive you nuts?
ReplyDeleteAnyone that buys a Pontiac, Saab or Saturn at the new "fire sale" prices to move units before the year's end is totally nuts.
ReplyDeleteThe odds that you'll have difficulty getting decent warranty/repair service are likely...and even more likely if GM goes tits up.
Why would we, the taxpayers want to give GM/GMAC anymore of our money? Obviously they can't manage it properly, seeing that they need $3.5B more.
Time to start starving the monsters...before they starve us.
Who cares about typos. Focus on real issues, like the posters IQ levels. ;-)
ReplyDeleteThis is most troubling to me as I have been in negotiations for months with GMAC to try and settle with them on a second trust deed for my clients home that we are in the process of doing a short sale in California. The 1st and 3rd have agreed to settle but GMAC refuses to even look at any settlement for less then 15% or $15,000 which my client after a BK has nothing. We have offered over $8,000 to settle and they have refused it. The alturnative is $0 when it gets to foreclosure. They would rather stiff us taxpayers the $8,000 and get a return on our taxes of $0. This should be illegal!!!! Who at the end of the day will care about my client or the waste, fraud and abuse that we are being subjected to in our name?
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