Comments on: GMAC 2008 Q1 losses nearly double from year earlier

By: AMGoff

AMGoff — Wed, 30 Apr 2008 04:22:22 +0000

Well… if there’s any good news in all of that, it’s that their auto-financing division must still be turning a profit… at least that and whatever other divisions they have, since their mortgage subsidiary lost 800-some million but they only lost 500-some million overall. Either way, we’re on the brink of a recession folks… while it may get worse before it gets better, it will get better nonetheless – we’ve lived through the “R” word before and we’ll live through this one.

If nothing else, it’s a much needed reminder to all of the younger folks that the best thing anyone can do is save their pennies… at least that’s what the wife has brainwashed me to say over the years – lol.

By: Commodore

Commodore — Wed, 30 Apr 2008 03:15:10 +0000

autonut – I also don’t think that they should have sold “whatever part they didn’t sell”. This housing thing will go away eventually just like the dot com companies were down but now they are doing fine (well, they too are affected by the slowing economy, but they remain largely profitable). Some smaller players involved with housing (lenders and builders) may go under, but bigger companies like GMAC will stay around and bounce back from all this. Like I said, GMAC was a cash cow for GM years ago, now they are a drain on their profits, and soon in the future they will stabilize. Leaving yourself without a lending division is not a smart move.

By: autonut

autonut — Wed, 30 Apr 2008 01:59:03 +0000

GMAC is taking it on the chin: housing AND default rates from car loans and leases. Don’t forget that cars on dealer lot are OWNED by bank (GMAC). Dealer pays discounted interest. And in this climate, how do you lend to someone? So whatever part GM did not sell, they do wish now they did.

By: deutschetouring1337

deutschetouring1337 — Wed, 30 Apr 2008 01:17:49 +0000

Did anyone else notice whos backing GMAC, HSBC. And don’t forget the housing division of GMAC, Ditech.

By: Commodore

Commodore — Wed, 30 Apr 2008 00:52:56 +0000

to the first comment – nooo…you are about 3 years behind because that is when GMAC was a cash cow for GM. They made a good move by selling more than half of it.

By: HemiRoadRunner

HemiRoadRunner — Tue, 29 Apr 2008 21:02:50 +0000

I know 400, not all of us are nerds.

By: 400horseSS

400horseSS — Tue, 29 Apr 2008 20:45:25 +0000

I was joking fellas.

By: xyunya

xyunya — Tue, 29 Apr 2008 19:33:33 +0000

hateful83, it is correct but only small part of mortgage crisis. Banks did the same things as greedy consumers: they sold 110k mortgage as guaranteed security with 0% risk of defaulting because home prices never (for the last 10 years) went down. Those guaranteed securities were purchased all over the world. With prices of houses going down (not necessarily bankruptcy) investors are questioning what they’ve bought and asking refunds. Now banks are going under.

By: hateful83

hateful83 — Tue, 29 Apr 2008 19:24:40 +0000

I heard this bit of info from a financial advisor. He claimed part of what happened was the continual need for the reassessment of houses. If people had say a 80k mortgage on their house, and it was appraised at 110k a few years later, the banks were allowing them to take a 30k loan on the remainder. They were/are using this money on all sorts of shit, like they won the lottery. This, in his mind, was one of the biggest reasons why things in the mortgage/banking market are as shitty as they are.

By: xyunya

xyunya — Tue, 29 Apr 2008 19:01:44 +0000

mayer_ray_nagin, if I am a moron, then you elevating yourself to genius or clown? or both?

By: RaineMan

RaineMan — Tue, 29 Apr 2008 18:45:15 +0000

Gotta love the whole “We’ll be profitable next year.” statements.

Isn’t the whole point of a company to make money? If you are losing millions and hundreds of millions each year how do you afford to keep the doors open and the lights on?

By: mayer_ray_nagin

mayer_ray_nagin — Tue, 29 Apr 2008 17:58:09 +0000

Bet Kofi Annan is trying to get a Piece Officer job.

By: johnnycanuck

johnnycanuck — Tue, 29 Apr 2008 17:52:28 +0000

If a Peace Officer loses his job can he still cop a feel?

By: mayer_ray_nagin

mayer_ray_nagin — Tue, 29 Apr 2008 17:50:39 +0000

A turtle that loses its shell is tonite’s soup.
.
.
xyunya = the moron of the say until 1115 shows up.

By: xyunya

xyunya — Tue, 29 Apr 2008 17:24:45 +0000

Q: If a turtle loses its shell is it naked or homeless? A: HemiRetardRunner

By: johnnycanuck

johnnycanuck — Tue, 29 Apr 2008 17:20:19 +0000

Does a man with one foot ever wait for the other shoe to drop?

By: HemiRoadRunner

HemiRoadRunner — Tue, 29 Apr 2008 17:09:26 +0000

If a turtle loses its shell is it naked or homeless?

By: johnnycanuck

johnnycanuck — Tue, 29 Apr 2008 17:04:22 +0000

LOL HemiR, mayer_ray. Oh, wait, on behalf of my fellow Canadians I find nothing humorous in your telling it like it is…er I mean I’m offended by your remarks. Oh f*ck it, nevermind. It was funny.

By: HemiRoadRunner

HemiRoadRunner — Tue, 29 Apr 2008 16:53:45 +0000

Ohhhh, your such a racist MRN. Why do you have to put people down like that. Aren’t you sensitive to others feelings? Just kidding.

By: mayer_ray_nagin

mayer_ray_nagin — Tue, 29 Apr 2008 16:47:44 +0000

400HSS, GMAC is about money so it’s not the UAW, it’s the JewAW.

By: HemiRoadRunner

HemiRoadRunner — Tue, 29 Apr 2008 16:41:47 +0000

Dude, most of these banks are a fing rip off anyway. Go and open a savings account, they only give like 1% interest on a year’s worth of them borrowing YOUR money. Screw them.

By: 400horseSS

400horseSS — Tue, 29 Apr 2008 16:33:10 +0000

I’ll blame the UAW.

By: HemiRoadRunner

HemiRoadRunner — Tue, 29 Apr 2008 16:03:50 +0000

sounds kinda wack don’t it gangsta.

By: injunraiv

injunraiv — Tue, 29 Apr 2008 15:56:38 +0000

Wait, I thought GMAC was supposed to be this ‘cash cow’? what’s up wit dat?