0% IS BACK

[Coronita]

[quote=eavesdropper][quote=flu]…AND….

Sub-prime financing is back at GM via the (new) GM Financial….

http://www.autoblog.com/2010/10/03/gm-completes-buy-of-americredit-renaming-gm-financial/

LOL, we never learn do we?[/quote]

I didn’t get the memo. Were we supposed to?

I keep reading about how everyday American citizens lived far beyond their means for years, thus were disproportionately responsible for the meltdown. But I never read anything about how lenders (big banks, subprime merchandisers, and government-backed GSEs) can’t seem to back away from their risky lending practices. Guess it’s hard saying no to all that easy money…..[/quote]

Sorry, the memo was only sent to a select few…..

http://www.autoblog.com/2010/07/26/report-gms-planned-purchase-of-americredit-questioned-by-senat/

Charles Grassley is quoted by Bloomberg as saying, “If GM has $3.5 billion in cash to buy a financial institution, it seems like it should have paid back taxpayers first,” adding that The General should remain “clear of repeating its effort to make high-risk car loans.” He has written a letter to the inspector general of the TARP program seeking an inquiry into the purchase.

Grassley has little hope of scuttling the purchase, however. As long as GM stands by the terms of the bailout, it can do just about anything it wants, which includes buying a bank. The move is also explained, of course, as a way to bolster GM’s bottom line, something everyone wants.

Company CFO Chris Lidell notes that if GM can add just one more percent to the number of buyers – people with credit scores between 500 and 650 – that’s a “significant” benefit, as well as the additional leasing it can offer. And that one additional percent of subprime purchasers would still leave it in-line with the industry average.

LOL…..Happy days are here again!

[briansd1]

eavesdropper, 1/3 to 1/2 of potential homebuyers do not not quality for a conventional loan.

Corporations and salesmen are very good at inventing new gimmicks to bring in the customers, if we let them. Too bad that we, the people, are also the backstop when the bad debts pile up. What do they care? They’ll be long gone with their bonuses.

[briansd1]

eavesdropper, 1/3 to 1/2 of potential homebuyers do not not quality for a conventional loan.

Corporations and salesmen are very good at inventing new gimmicks to bring in the customers, if we let them. Too bad that we, the people, are also the backstop when the bad debts pile up. What do they care? They’ll be long gone with their bonuses.

[briansd1]

eavesdropper, 1/3 to 1/2 of potential homebuyers do not not quality for a conventional loan.

Corporations and salesmen are very good at inventing new gimmicks to bring in the customers, if we let them. Too bad that we, the people, are also the backstop when the bad debts pile up. What do they care? They’ll be long gone with their bonuses.

[briansd1]

eavesdropper, 1/3 to 1/2 of potential homebuyers do not not quality for a conventional loan.

Corporations and salesmen are very good at inventing new gimmicks to bring in the customers, if we let them. Too bad that we, the people, are also the backstop when the bad debts pile up. What do they care? They’ll be long gone with their bonuses.

[briansd1]

eavesdropper, 1/3 to 1/2 of potential homebuyers do not not quality for a conventional loan.

Corporations and salesmen are very good at inventing new gimmicks to bring in the customers, if we let them. Too bad that we, the people, are also the backstop when the bad debts pile up. What do they care? They’ll be long gone with their bonuses.

[eavesdropper]

[quote=flu]
Company CFO Chris Lidell notes that if GM can add just one more percent to the number of buyers – people with credit scores between 500 and 650 – that’s a “significant” benefit, as well as the additional leasing it can offer. And that one additional percent of subprime purchasers would still leave it in-line with the industry average.

[/quote]

AAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!! Make the madness stop.

[eavesdropper]

[quote=flu]
Company CFO Chris Lidell notes that if GM can add just one more percent to the number of buyers – people with credit scores between 500 and 650 – that’s a “significant” benefit, as well as the additional leasing it can offer. And that one additional percent of subprime purchasers would still leave it in-line with the industry average.

[/quote]

AAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!! Make the madness stop.

[eavesdropper]

[quote=flu]
Company CFO Chris Lidell notes that if GM can add just one more percent to the number of buyers – people with credit scores between 500 and 650 – that’s a “significant” benefit, as well as the additional leasing it can offer. And that one additional percent of subprime purchasers would still leave it in-line with the industry average.

[/quote]

AAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!! Make the madness stop.

[eavesdropper]

[quote=flu]
Company CFO Chris Lidell notes that if GM can add just one more percent to the number of buyers – people with credit scores between 500 and 650 – that’s a “significant” benefit, as well as the additional leasing it can offer. And that one additional percent of subprime purchasers would still leave it in-line with the industry average.

[/quote]

AAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!! Make the madness stop.

[eavesdropper]

[quote=flu]
Company CFO Chris Lidell notes that if GM can add just one more percent to the number of buyers – people with credit scores between 500 and 650 – that’s a “significant” benefit, as well as the additional leasing it can offer. And that one additional percent of subprime purchasers would still leave it in-line with the industry average.

[/quote]

AAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!! Make the madness stop.

[eavesdropper]

[quote=briansd1]eavesdropper, 1/3 to 1/2 of potential homebuyers do not not quality for a conventional loan.

Corporations and salesmen are very good at inventing new gimmicks to bring in the customers, if we let them. Too bad that we, the people, are also the backstop when the bad debts pile up. What do they care? They’ll be long gone with their bonuses.[/quote]

If they’d only turn their imaginations and creativity to something that would prove slightly less risky and volatile to the international economy.

I’ve been saying that for fifteen years now. Truthfully, I’m not holding out much hope.

[eavesdropper]

[quote=briansd1]eavesdropper, 1/3 to 1/2 of potential homebuyers do not not quality for a conventional loan.

Corporations and salesmen are very good at inventing new gimmicks to bring in the customers, if we let them. Too bad that we, the people, are also the backstop when the bad debts pile up. What do they care? They’ll be long gone with their bonuses.[/quote]

If they’d only turn their imaginations and creativity to something that would prove slightly less risky and volatile to the international economy.

I’ve been saying that for fifteen years now. Truthfully, I’m not holding out much hope.

[eavesdropper]

[quote=briansd1]eavesdropper, 1/3 to 1/2 of potential homebuyers do not not quality for a conventional loan.

Corporations and salesmen are very good at inventing new gimmicks to bring in the customers, if we let them. Too bad that we, the people, are also the backstop when the bad debts pile up. What do they care? They’ll be long gone with their bonuses.[/quote]

If they’d only turn their imaginations and creativity to something that would prove slightly less risky and volatile to the international economy.

I’ve been saying that for fifteen years now. Truthfully, I’m not holding out much hope.

[eavesdropper]

[quote=briansd1]eavesdropper, 1/3 to 1/2 of potential homebuyers do not not quality for a conventional loan.

Corporations and salesmen are very good at inventing new gimmicks to bring in the customers, if we let them. Too bad that we, the people, are also the backstop when the bad debts pile up. What do they care? They’ll be long gone with their bonuses.[/quote]

If they’d only turn their imaginations and creativity to something that would prove slightly less risky and volatile to the international economy.

I’ve been saying that for fifteen years now. Truthfully, I’m not holding out much hope.

[Author]

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