Topic: GMAC LLC

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Will $26 billion settlement from big banks repair US housing market? (+video)

In the short term, the deal between 49 states and five big banks may actually boost foreclosures, some say. In the longer term, it should clear the inventory of homes that depresses prices and help the middle class.
Faulty mortgage loans catch up with 17 big banks

Faulty mortgage loans were a major contributor to the recession and now a US regulator is suing 17 big banks for their role in those faulty loans.
US sues biggest banks over risky mortgages

Government lawsuit claims 17 banks, including Bank of America, Citigroup, and JP Morgan, misrepresented the value of $196 billion worth of mortgage-backed securities when it sold them to Fannie Mae and Freddie Mac.
'Too Big to Fail' – real story's not over

'Too Big to Fail' movie ends early in the crisis. But policymakers, public still struggling with aftermath of 'too big to fail' decisions.
Mortgage lenders must pay homeowners for improper foreclosures

Mortgage lenders ordered to reimburse customers they foreclosed on improperly. Regulators tell 16 mortgage lenders to hire auditors to find out who could have avoided foreclosure in 2009 and 2010.
Bernanke: Fed is probing flawed foreclosure process and its risks for economy

Paperwork mess surrounding the foreclosure process is under investigation by several agencies. The Fed is one, Chairman Ben Bernanke said Monday.
Foreclosure news overshadows JPMorgan Chase earnings report

Reports that bankers ignored warning signs of a foreclosure crisis while lenders used flawed documents to foreclose on homeowners took the spotlight away from JPMorgan Chase's earnings report, Wednesday.
ThinkMarkets
Can you spot the fake? How about on foreclosure documents?

Lenders who produced fake mortgage documents and falsified affidavits may find their attempts to foreclose thrown out of court.
Wall Street pay cuts ordered by Treasury

The Treasury Department is ordering pay cuts for top executives at the seven big companies that have yet to pay back government bailout cash. The US public has balked as such firms have handed out huge bonuses.
Bank of America's Ken Lewis takes pay cut, but no one follows

Although CEO Ken Lewis agrees to a $0 pay package, don't expect a wholesale revolution in executive compensation on Wall Street.
Four big banks need more capital to weather recession, US finds

'Stress tests' reveal that banks need to raise more than $65 billion to be able to keep lending if the recession drags on.
Credit crunch shows little sign of easing

Most banks have tightened lending, choking off needed credit for some US businesses.
Treasury keeps car loans flowing with $6 billion rescue of GMAC

GMAC's president says the federal money will have an immediate impact on the credit it can offer General Motors customers.
Accounting sleuths on the trail of Madoff money

Teams of 'forensic accountants' get set to trace – and maybe recover – funds lost in $50 billion Ponzi scheme.
Are automakers also too big to fail?

A sharp drop in demand is driving the industry to pursue a bailout.
Fed makes boldest move yet

The central bank plans to buy debt directly from companies for the first time in decades.
Bright Green
'Pay-as-you-drive' insurance catching on

Insurers are beginning to offer auto-insurance plans that charge motorists based on the number of miles driven.
New car loans stretch to greater lengths

More buyers finance for six, even seven years – a risky move given how quickly some cars depreciate.