Federal Government Orders GMAC To Raise $13.1 Billion

Federal Government Orders GMAC To Raise $13.1 Billion

The U.S. government has ordered GMAC to raise $13.1 billion in new capital. Likely source for that capital? Uh, the U.S. government.

GMAC And Car Dealership Scam Old Lady For Nearly $8,000

GMAC And Car Dealership Scam Old Lady For Nearly $8,000

A volunteer in Chicago claims that her client, a 65-year-old woman with dementia, was given a GMAC auto loan for a new 2007 Pontiac, even though she only makes $900 a month and has no driver’s license. Now the car has been repossessed and the car lot is saying she owes them nearly $8,000.

Mortgage Brokers Demand Higher Down Payments From Borrowers In Risky Zip Codes

Mortgage Brokers Demand Higher Down Payments From Borrowers In Risky Zip Codes

Prospective home buyers may need to pony up more cash up front to secure a mortgage if they are looking to buy in one of hundreds of zip codes that lenders now consider “soft markets.” Countrywide and GMAC recently ranked over 1,000 zip codes on a risk scale of 1-5. Lenders to moderate risk zip codes, ranked 1-3, may require borrowers to pay an additional 5% down payment. Unlucky buyers in high risk zip codes, ranked 4 or 5, are now automatically required to put down the extra 5%.

Consumerist Research Team Assemble: LowerMyLease.com

t find. Any wiser minds than mine able to figure this out? Is this a case for Consumerist?

We’re already digging, but feel free to chime in with your wisdom.