- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Photos of hundreds of thousands of autos awaiting buyers
Posted on 1/19/09 at 10:10 am to Rivers
Posted on 1/19/09 at 10:10 am to Rivers
I was at GMAC/Rescap for 5 years.
When I arrived, GMAC Mortgage Wholesale and RFC/Homecomings were two different divisions. I was at GMAC. We did Fannie/Freddie, FHA and some nonconforming, mainly Jumbos and some seconds. RFC/HC was subprime. They offered Fannie/Freddie but they were mainly supbrime. No limits on condos, 107% LTV's, 125% seconds, etc. RFC/HC was teh first company on subprime to roll out true automated underwriting, assetwise, and it was very good.
the last year they were seperate GMAC (which still exists as a correpospondent lender, no brokers allowed, and servicer) was did 6 billion in loans. GMAC was more conservative and we didnt' do most of the stuff RFC did. RFC did 17 billion and had MUCH higher profit margins and dealt mainly with brokers.
SOooooooooooooooo they had the bright idea to merge the broker divisions together and were later going to merge GMAC correspondent with RFC as well. RFC/HC took over GMAC broker division. closed down all the branches. Let go all the sales reps, flat out said they werent' the kind of people they wanted as they didn't produce the kinds of numbers they wanted (which we now know were bogus because of the crash). Needless to say, RFC/HC is now out of business, GMAC part remaining is actually pretty good, but the subprime guys ran the show for so long and ran it into the ground so well it still may not survive even though what is in place now will probably work.
2 years ago 77% of Rescap's portfolio was subprime. thank you RFC.
When I arrived, GMAC Mortgage Wholesale and RFC/Homecomings were two different divisions. I was at GMAC. We did Fannie/Freddie, FHA and some nonconforming, mainly Jumbos and some seconds. RFC/HC was subprime. They offered Fannie/Freddie but they were mainly supbrime. No limits on condos, 107% LTV's, 125% seconds, etc. RFC/HC was teh first company on subprime to roll out true automated underwriting, assetwise, and it was very good.
the last year they were seperate GMAC (which still exists as a correpospondent lender, no brokers allowed, and servicer) was did 6 billion in loans. GMAC was more conservative and we didnt' do most of the stuff RFC did. RFC did 17 billion and had MUCH higher profit margins and dealt mainly with brokers.
SOooooooooooooooo they had the bright idea to merge the broker divisions together and were later going to merge GMAC correspondent with RFC as well. RFC/HC took over GMAC broker division. closed down all the branches. Let go all the sales reps, flat out said they werent' the kind of people they wanted as they didn't produce the kinds of numbers they wanted (which we now know were bogus because of the crash). Needless to say, RFC/HC is now out of business, GMAC part remaining is actually pretty good, but the subprime guys ran the show for so long and ran it into the ground so well it still may not survive even though what is in place now will probably work.
2 years ago 77% of Rescap's portfolio was subprime. thank you RFC.
0
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News