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A "D" market
GMAC Bank issued a memo to branch managers, underwriters and the like last month, that begins: "Effective for loans registered with GMAC Bank on or after January 7, 2008
It goes on to direct folks to the GMAC Bank Market Indicator Portal, which spits out assessments for market conditions in any given ZIP code. A "D" indicates a declining market, the memo states. It's another example of credit tightening, especially for borrowers in tough residential real estate markets. --Vanessa Gregory, staff writer 3 comments from 3 users
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posted by
Bakersfieldbubble
on Feb 14, 2008 at 01:40 PM
These banks/lenders tightening at the worst time. They only make things worse. They should have tightened in 2003-2006 and we would not have this problem.
GMAC is on the ropes anyway: GMAC LLC, the auto and mortgage lender controlled by Cerberus Capital Management LP, may run into ``substantial difficulty'' if credit markets don't improve, said Stephen Feinberg, founder of the private-equity firm. ``We have detailed contingency plans in a continuing worsening environment,'' Feinberg wrote in a Jan. 22 letter to investors, a copy of which was obtained by Bloomberg News. ``However, if the credit markets continue to decline and we find ourselves in a prolonged environment of capital market shutdown, GMAC could run into substantial difficulty.''
http://www.bloomberg.com/ap...
posted by
tkozy
on Feb 14, 2008 at 01:47 PM
Cerberus Capital Management LP is poison. To bad for the economy, all banks/loan companies didn't tighten credit in 1999. posted by
adampayne
on Feb 14, 2008 at 04:35 PM
In Sacramento, the number of homes sold in January were virtually the same as the number of homes foreclosed.
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