Who is actually owed the money on your mortgage and how much is owed? Recently we’ve seen TARP documentation showing a flow of money into mortgage-backed securities. If large banks like Bank of America routinely foreclose on the wrong house are we sure mortgage payment are going to the correct place? Is the bank going [...]
GMAC sucks down another $3.8 billion!
January 4, 2010 By Leave a Comment
The U.S. taxpayer (READ: you and I) now own a majority interest in GMAC Financial Services, which this week received a capital infusion of $3.79 billion from the US Treasury Department. The additional aid means that the U.S. government now owns 56 percent of GMAC, totaling $16.3 billion. Much of the aid comes as the financial services giant continues to [...]
