GMAC going under probably

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??

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):

quote:

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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

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Still, they are in trouble. I bet they go under, just like GM itself.

GMAC is not General Motors. It is majority held by private equity.

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.

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.