Tuesday, August 24, 2010


One of the biggest benefactors from the TARP federal bailout funds to date is GM as most of you know. Most of you also know that there are alarming rates of home foreclosures throughout not only Louisville, but KY, and the Unites States itself.

While many try to blame the crisis on faulty loans forced by Government policies started by Clinton, (yep there are those who actually still blame him for this problem after all of these years), the fact remains that most are due to an overaggressive mortgage company and a willingness by our own elected leaders to make sure the business that created this problem stays on as fat cats.

I will be doing a couple of articles detailing the GM buyout and how it relates to the home mortgage foreclosure problem we face today. Why this particular company?

Simply because GM itself received over $50 billion in bailout money with our tax dollars and their financing arm GMAC has continued to come back to the well at least 3 times. Fully one third of GMAC financing is related to the home mortgage business though most believe they do nothing but finance cars.

GMAC itself has received over $17 billion in bailout dollars and yet are one of the most aggressive foreclosure kings out there. There have been several lawsuits to date against them that are not reported and there have been several settled out of court due to the faulty mortgage dealings with GMAC.

They have victimized thousands of borrowers and it is time to set the record straight on them. This may lead to a class action lawsuit against them. Here is hoping they come to accountability.

Understand GMAC is not the only faulty lender. They are profiled here because of the enormous amount of money they took from the very same taxpayers they are persecuting today. They also are now using deceptive advertising under a different name of Ally Bank and failing to follow through with the intent of the bailout in helping homeowners. All with the approval of the Obama administration.

I will be outlining the atrocities by GMAC with our tax money in the hopes that it will help someone along the way who has been unfairly and unjustifiably put in a position of losing their home.

Stay tuned.....

Next up: GMAC and the bailouts where did it begin.

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Ed Springston


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