Finance And Mortgage Auto Loan News |
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• GMAC Mortgage Unit to Dismiss 5,000, Shut 200 Offices (Update2) (Bloomberg.com)
3 Sep 2008 at 12:08pm
Sept. 3 (Bloomberg) -- GMAC LLC and its Residential Capital LLC home loan unit plan to dismiss 5,000 employees, or 60 percent of the unit's staff, and close all 200 GMAC Mortgage retail offices because of weak real estate markets.
• Big Three bailout may be around corner (CNN Money)
4 Sep 2008 at 8:31am
Plunging auto sales, high gas prices and election year politics could help convince Congress to approve a $50 billion loan package to embattled U.S. automakers that Detroit's Big Three claim is key to their future success.
• GMAC closing door on mortgage lending business (Pittsburgh Tribune-Review)
3 Sep 2008 at 9:29pm
Lender GMAC Financial Services said it will close all of its 200 retail offices and lay off about 5,000 employees as part of plan to reduce its mortgage lending and servicing because of the housing market downturn.
• Bankrate: Mortgage Rates Slide for Third Straight Week (PR Newswire via Yahoo...
4 Sep 2008 at 4:30am
Economic worries pushed mortgage rates down again, with the average conforming 30-year fixed mortgage rate falling to 6.55 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.41 discount and origination points.
• Cerberus in the Hotseat as Chrysler and GMAC Falter (New York Times)
4 Sep 2008 at 5:13am
Stephen A. Feinberg, one of the country’s most powerful — and secretive — financiers, hoped to make a fortune out of the detritus of the American auto industry. Instead, The New York Times’ Michael J. de la Merced and Vikas Bajaj say, he seems to be losing one.
• Auto Stocks Join Relief Rally As Oil Prices Fall (Fox News)
2 Sep 2008 at 8:11am
Auto Stocks Join Relief Rally As Oil Prices Fall
• New Orleans Mayor Urges Residents Not to Come Home Yet (Fox News)
2 Sep 2008 at 8:11am
Mayor Ray Nagin warned resudents itching to come home that they may have to wait in shelters and motels a few days longer.
• Giving Cash to Children (Washington Post)
4 Sep 2008 at 10:20am
When should kids be taught about money? Personally, I think as soon as possible. Even expectant mothers should discuss finances with their kids while they're in the womb. Hey, why not? We're told to play classical music during pregnancy. So why not turn on CNBC or the Fox business network for the...
• GMAC laying off 5,000 (Richmond Times-Dispatch)
4 Sep 2008 at 12:51am
Lender GMAC Financial Services said yesterday that it will close all 200 retail offices and lay off about 5,000 employees. The job cuts are part of plan to reduce its mortgage lending and servicing because of the housing market downturn. Virginians will be among those affected. Most layoffs are slated for GMAC's mortgage lending division, Residential Capital LLC, known as ResCap, and will reduce ...
• Investments Are Faltering in Chrysler and GMAC (New York Times)
4 Sep 2008 at 6:20am
The investment fund Cerberus Capital Management is racing to salvage multibillion-dollar investments in the automaker Chrysler and GMAC, the financing arm of General Motors.
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