http://www.cnbc.com/id/27193257 nance companies are preparing to seek authority from the U.S. Treasury Department to sell bad auto loans to the government as part of Washington’s sweeping plan to restimulate credit markets and boost the flagging economy. “The onus is now on us to make the case for our companies to be able to sell non-mortgage related assets to the government,” Bill Himpler, executive vice president of the American Financial Services Association, said late on Tuesday. The group represents a range of finance companies, including major auto affiliates like Ford Motor Credit, the financial services arm of Ford Motor [F 2.41 -0.04 (-1.63%)], and GMAC, controlled by Chrysler owner Cerberus Capital Management. General Motors [GM 6.30 -0.24 (-3.67%)] has a 49 percent stake in GMAC. The $700 billion rescue plan approved by Congress last month and now in the process of being implemented by the Bush administration enables the Treasury to buy up bad auto loans, if it deems that doing so is critical to the health of the U.S. economy. “We’re in the process of putting together our case … that auto paper is key to financial market stability,” Himpler said. He said the association would try to “cast as wide a net as possible” to ensure that companies holding loans that consumers failed to pay back would be eligible to improve their books and extend credit to new borrowers. * Blog: Behind the Wheel with Phil Lebeau Auto loans traditionally perform well but defaults are starting to pick up because of overall credit market turmoil, the financial services group said. GMAC has begun giving car loans only to buyers with the best credit scores as the global financial crisis strains its access to capital. Another priority of the association is to persuade the U.S. Federal Reserve to expand eligibility for short-term loans, called commercial paper, to auto financing companies. Copyright 2008 Reuters. Click for restrictions.
This is getting rediculous.
PtrainerNY Wrote: ------------------------------------------------------- > GMAC has begun giving car loans only to buyers > with the best credit scores as the global > financial crisis strains its access to capital. Perhaps they should have been doing this all along…
Can Fed clear my debts too? I have few grands on my education loan and few on Credit cards.
A buddy of mine works at GMAC…they just got an email saying that a strong internal restracturing will soon reshape the economy
funny how often people misspell ridiculous… it really has to be the most misspelled word in the English language 2nd to there, their, and they’re
Next you know, they will be bailing out theme parks.
Florida_Gator Wrote: ------------------------------------------------------- > funny how often people misspell ridiculous… it > really has to be the most misspelled word in the > English language 2nd to there, their, and they’re Its ridiculous who often people misspell ridiculous.
I think misspelled is the most misspelled word. Here’s a list for fun: http://www.yourdictionary.com/library/misspelled.html