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Oh… And the other Gem…
GM has repurchased Ally Financial Foreign operations (Formerly GMAC)…..
http://www.autoblog.com/2012/11/24/general-motors-buys-ally-financial-foreign-operations/
So we went full circle here.
GM went BK…Meanwhile GMAC went south too because in part due to subprime lending.. GM freed itself from GMAC. GM reorganized, got new money…Now, that new car sales is slightly improving, it wants to get back into the subprime loan game again and has been using it’s new money to write more subprimes (again)…And now uses it’s new money to repurchase part of Ally Financial…
Wow…. great deal….
LOL ….. wonder if 125% LTV will come back into “vogue” by 2014 …
Assuming I own a place free and clear, what’s wrong with being able to pull out say 75% of the equity in a flexible manner? HELOCs are only a danger if abused by lenders and debtors.