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Started By
Message
GMAC going under probably
Posted on 7/31/08 at 8:48 pm
Posted on 7/31/08 at 8:48 pm
LINK /
from Housing Wire.
18 months ago the WSJ reporterd 78% of their mortgage portfolio was subprime. GMAC will probably crash.
from Housing Wire.
18 months ago the WSJ reporterd 78% of their mortgage portfolio was subprime. GMAC will probably crash.
Posted on 7/31/08 at 9:28 pm to prplhze2000
They deserve it. Greed. Kept making SUV's and Trucks because of the big profits.
Posted on 7/31/08 at 9:50 pm to lsukern
Come on people, they don't deserve to go bust... You will be crying when all these American companies go down and you are at the mercy of the Chinese??
Posted on 7/31/08 at 10:36 pm to prplhze2000
Well keep in mind that they are not primarily a mortgage-related corporation. From page 12 of their latest 10-Q, you get the following information for the 1st quarter of this year ( LINK):
Still, they are in trouble. I bet they go under, just like GM itself.
quote:
4. Finance Receivables and Loans and Loans Held for Sale
...
Consumer, $80.493 billion
Commercial, $41.232 billion
Total, $121.725 billion
...
U.S. consumer residential mortgages, $27.112 billion
Still, they are in trouble. I bet they go under, just like GM itself.
Posted on 7/31/08 at 10:52 pm to lsukern
GMAC is not General Motors. It is majority held by private equity.
Posted on 8/1/08 at 8:04 am to prplhze2000
I have a money market account with GMAC. Should I pull my $ out now? It's not earning much anyway
Posted on 8/1/08 at 8:12 am to Tigah in the ATL
GM holds 49% of it.
When I worked at GMAC from 01 to 06, the mortgage side was the only part that was profitable. Now it is blowing up. They have a huge subprime expsore. 107% mortgages, 125% second mortgages, were the first major lender to start doing loans for people with 530 credit scores. You got the idea.
When I worked at GMAC from 01 to 06, the mortgage side was the only part that was profitable. Now it is blowing up. They have a huge subprime expsore. 107% mortgages, 125% second mortgages, were the first major lender to start doing loans for people with 530 credit scores. You got the idea.
Posted on 8/2/08 at 12:50 pm to prplhze2000
$4 gas is breaking them. However, they should have covered with some more fuel efficent vehicles
Posted on 8/2/08 at 1:44 pm to bigwheel
I didn't mean GM. I meant GMAC. Getting killed by the mortgage implosion. I worked there. Unlike Citi, Chase, Wells, and even Countrywide and Wachovia, they REALLY went into subprime. LIke I've written on here before. They have a bunch of 107% loans they service and that is BEFORE the home values started declining.
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