Some of you may work with GMAC. They also have the di-tech line. Funny, those commercials used to as prevalent as Geico, but haven't seen one for a good while.
You may want to rethink working with them unless you have no other choice to get a deal done.
GMAC was one the banks too big to fail. Phooey! We'd all have been better off if they had.
They took TARP money to the tune of $17,000,000,000 (17 billion). Not they say they probably can't pay back $6.3 billion of that. That's over one-third of what they borrowed - 37 percent actually.
Isn't this great? They never shoulkd have received our money in the first place, and now they can't pay it back.
Suppose their mortgagees only paid back 63% of what they borrowed? Different story? Right.
Oh, did you know that their stockholders still have an equity position?
TARP was bad from the get-go, and I don't believe that financial collapse was eminent - despite arguments to the contrary by Paulson, Bernanke, Geitner, and others. I know just as many - or more - who feel the way I do.
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