Wednesday, October 13, 2010

GMAC foreclosures probed

Here is yet another example of what is going on in the mortgage industry.  I guess, since GMAC is 56% owned by "we the people" then we ought to be able to pick out any one of those foreclosed houses that we own and move in, since they are mostly ours anyway.  Or in some instances we are foreclosing on ourselves, boy that is a noodle scratcher if I have ever heard one. 

Example, a couple owns a house, where GMAC it the mortgage company, GMAC (American Tax Payers) forecloses, as the homeowner, aren't they technically foreclosing on their own home?  I guess that couple should have negotiated a loan modification with themselves, since they have a 56% ownership in the company that has a lien on the house. 

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