GMAC is going Bankrupt again this weekend

Discussion in 'Stock Market' started by KissMy, May 8, 2012.

  1. KissMy
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    GMAC is going Bankrupt again this weekend. They still owe the US Treasury $12 billion. Who is going to finance those GM new car sales????

    Reuters: Bankruptcy may be best option
     
  2. KissMy
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    Will Obama bail out GM again?????

    7 million homes already foreclosed on. 5.59 million more homes are in default. We are only 55% through this mortgage disaster.

    A select group of struggling mortgage borrowers is about to get an offer that sounds too good to be true. Executives at Bank of America say that they will begin mailing 200,000 letters offering certain customers mortgage principal reduction.
     
    Last edited: May 8, 2012
  3. daveman
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    I expect there will be serious calls for the government to nationalize GM.
     
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  4. KissMy
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    The US Government still own 500 million shares of GM's stock (30%) that it must sell at $51 a share to raise $25.5 billion break even on the stock. Plus the US Government owns $12 billion worth of GMAC which changed its name to Ally Bank that is about to bankrupt on that again. Then there are the $billions of the old GM that the government just wrote off. Most of GM is owned by the bailed out banks (basic GM share / money laundering.)

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  5. saveliberty
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    Try to get the story at least half right KissMy. The mortgage unit is separate from the vehicle finance unit. Ally is the name of the car unit. Also Ally funds Chrysler vehicles as well.
     
  6. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    My first mortgage was through GMAC in 2000. Didn't know they did mortgages before that.
     
  7. KissMy
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    Ally Financial gets Treasury's OK to put ResCap mortgage unit into bankruptcy
    It is amazing that this does not make the news.
     
  8. CrusaderFrank
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    Better ROI than Solyandra
     
  9. KissMy
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    GMAC Ally ResCap Nears Bankruptcy Filing
     
  10. saveliberty
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    It is remarkable KissMy. There has been no mention of it in communications I have reviewed in the last two weeks. I'll check my internal messages to see if anything has been said there. Business as usual on the auto side.
     

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