What's going on with GMAC's car loan standards?

Filed under: TransportationFlush with capital from taxpayers, GMAC is lowering its underwriting standards ... loans up to 700. Now credit scores as low as 621 will qualify for some form of GMAC finanncing ... to Equifax, this is an approximate breakdown of Americans' credit scores; 15% of the U.S. population [more...]

Date: 2009-01-02 23:00:00

Blog posts (8) | Videos (15)
 

HOUSING PUSH FOR HISPANICS SPAWNS WAVE OF FORECLOSURES

For years, immigrants to the U.S. have viewed buying a home as the ultimate benchmark of success ... loans, which carry high interest rates and are tailored to borrowers with low credit scores or few ... multiple cash jobs, but had no savings or established credit history to allow them to qualify [more...]

Date: 2009-01-06 13:19:54

Recent Bankruptcy? It’s Not Impossible to Obtain a Home Loan

Because the new bankruptcy laws go into effect on October 17, 2005, more Americans than ever are filing for relief using the federal bankruptcy laws ... discharge. Ironically, some those that would not previously qualify for a mortgage do qualify after ... payments. The DTI* (debt-to-income) ratio of this person is 81.25%. Since his credit score is low [more...]

Date: 2009-01-15 00:11:26

Good Time To Ask About Refinancing Your Mortgage: I Might Save $50,000!

With the rate drop yesterday, mortgage rates are at amazing lows. People in the office are bragging about locking in 4 ... that you’ll be holding the loan longer than that. Here are two breakeven calculators: one and two ... . (Especially if you have a good credit score and a loan-to-value ratio below 90%.) My favorite source [more...]

Date: 2008-12-18 11:53:02

The Lending Lunacy Continues as GMAC Gives Out More Bad Loans

This past week the Treasury used $5 billion of funds from the Troubled Asset Relief Program ((TARP)) to purchase senior preferred equity in GMAC, the financing arm of General Motors (GM). GMAC reacted immediately to deploy the funds by lending to new car buyers with credit scores as low as 621 [more...]

Date: 2009-01-01 11:02:24

Easy No Credit Check Loans

September 20, 2009 | By Preston West In Blogging | For those people with low credit scores or low wages, “No Credit Loans”, are an excellent alternative. Although this loan is linked with much higher interest rates it is an option for those with few choices. Because the loans are usually paid back over a shorter amount of time the huge interest rate may not be a deterrent to borrowing funds. For people that need quick cash for a short term, this could be ideal. [more...]

Date: 2009-09-20 22:50:50

Are greedy wolves making government-insured mortgages?

Now that subprime is a dirty word and Wall Street firms are no longer making securities backed by loans to people with low credit scores, brokers and bankers are filling the void with a little help from Uncle Sam. They are making loans ... FHA, which is meant to expand credit to folks of modest means? John Courson, president of industry [more...]

Date: 2009-01-15 11:00:45

How Millions of American Will Lose Their Homes

Posted By: admin| 2009.09.29 The Option ARM crisis has not hit yet. The Option ARM is not a Sub Prime loan!! People with good credit scores and low income have this too. Reckless home purchases and refinances with no long-term goal. **Please note – 61 was assumed to be interest-only payment for this video at 00:15 seconds…so, it should of been 8% fully indexed rate instead of 7%. Doesn’t change much, just that one slide…I caught it too late. [more...]

Date: 2009-09-29 11:11:22

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