Archive for 2009
GMAC said its closing Nuvell Credit Co., its Jacksonville-based subprime lending subsidiary, following its decision to stop funding loans for customers with bad credit. Nuvell stopped writing new business Jan. 7 in preparation for the closure, which will affect 348 employees in Florida, Arkansas and Texas. A GMAC,spokesman told trade magazine Automotive News that 136 employees will take jobs at GMAC and the other 212 will be laid off.
When it comes to annoying lenders and mortgage servicers Saxon Mortgage Services Inc. takes the title as the most annoying, which reflects poorly on parent company Morgan Stanley. We are qualified to make that assessment for several reasons:
What was net net effect in 2008 of the bursting mortgage bubble? In all of 2008, employers announced 1,223,993 job cuts, which was the largest number of job cuts announced in a year since 2003, when employers announced 1,236,426 job cuts. The economy continues to sour, and with less spending power homeowners are guarded when it comes to expenses.
Now that it is early January it is the perfect time to find out what your house is worth. Real estate agents are not as busy as they will be in the spring. If you tell your realtor that you are thinking about selling in the spring, you may be able to get a free market analysis. On the other hand you may not want to know what it says. Are foreclosures used as comparative pricing for your home?
Upon review the government Troubled Asset Recovery Program (TARP) falls short in many areas. Mr. Paulson bragged that President Bush never contested anything he (Paulson) said. Nothing proposed was overridden. What was not accomplished, however, says much about both men. There was no proposal to fund, help, or bail out retired or active duty military. There was no proposal to immediately assist the elderly, or said another way, those receiving social security benefits. No programs were created or funded to assist those retired from government service. No thought was given to those who supported, defended, and continue to support this country. Mission accomplished? I think not.