GMAC LLC, the lending company that General Motors Corp. sold to a hedge fund firm, posted the largest loss in its 88-year history after the worst housing market in 16 years caused more subprime mortgages to sour.
GMAC’s $1.6 billion loss widened from $173 million a year earlier, the Detroit-based company said Thursday. Results included a $2.3 billion loss at the Residential Capital LLC mortgage unit.
And not to turn a news story into my own personal battleground, but GMAC sucks..
I spent an hour on the phone with them last week explaining my situation, and that I am running out of options, in an attempt to talk to one of their loan workout/modification specialists. The rep promised me he would forward my file to them, took down ALL My info, and they never called me back. So I called them today, and they say they have no record of me speaking with the guy, even though I gave them his ID# and name, and that he gave me false information, and that I will need to fill out a “package” for them to review.
So, for those curious, see my next post about their loan workout/assistance package!