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Old 12-25-2008, 06:00 AM
 
345 posts, read 465,537 times
Reputation: 141

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"In a 4 to 1 vote, the Federal Reserve Board approved GMAC’s application to transform itself into a bank holding company “in light of the unusual and exigent circumstances” affecting the financial markets. The move will allow GMAC to tap as much as $6 billion in government bailout money."

Bad players continue to get fed cash, but will they loan to more qualifying consumers, or continue to buy up smaller players at depressed prices with bailout dough? Only thing for sure - taxpayers will get socked one way or another.

GMAC/DiTech back in get rich quick days:
YouTube - Annoying Ditech "People Are Smart!" Commercial

People are smart? Liar loans. Lender sharks. Long recession perpetuated from greed and avarice.

Aren't most people self-serving first and foremost. We have the scintilla of sharing and apathy for the less fortunate during holidays, then it's back to me, me, mine.

Last edited by Ria Rhodes; 12-25-2008 at 06:18 AM..
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Old 12-25-2008, 07:33 AM
 
Location: Eastern Long Island
1,280 posts, read 4,924,364 times
Reputation: 777
GMAC services our loan, they bought it a few years ago. Their service is TERRIBLE. I have actually considered a re-fi just to get away from them but I fear I could end up back with them again. They deserve to go under after running those "take your hard earned equity out of your house to go to Disney or buy a lexus commercials"
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Old 12-26-2008, 08:35 AM
 
28,455 posts, read 85,157,040 times
Reputation: 18726
You mean the ads didn't even try to promote a Caddy as a good use of the equity pulled out of a house? Maybe they were working against Toyota Motor Credit...
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Old 12-26-2008, 11:14 AM
 
Location: Norfolk, VA
1,036 posts, read 3,964,185 times
Reputation: 515
"People are smart".... I thought a few years ago the tag line was that doing loan paperwork was a waste of time. After all, the banker with the suit and glasses that made you fill out forms and bring documents "lost another loan to ditech" for being so old school.

It's amazing how one of the lenders that pushed the online/phone based low documentation/little service end of the market tries to reinvent themelves as the solution. Now "people are smart" and want those full doc loans with no teaser rates so they shift their marketing....
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