Now we thought that GMAC was in the car loan business. Not so. That was too small a potato. Bigger returns come from mortgage loans. You can elect to have a car but everyone needs a place to live...ta da.
Interestingly I'm a witness in a legal action brought by the State of Florida against a miscreant corporation accused of filing false documents. OH-OH. One other state has already found against this corporation so this is piggybacking of sorts. If the Ohio attorney general is successful 49 other states will follow suit and GMAC will be in the toilet.
As ordinary citizens trying to pull this kinda thing off in court we would be handed our hat over to the jailer in exchange for a cell. I will certainly grant you that a fair number of homeowners can't pay their mortgage and the bank/lender has a right to sue. I don't like it but it is the law and this is a nation of laws and titles. On the other hand, lending entities who go into court with faked affidavits (and this is a black or white game - no grey allowed) should face civil and criminal prosecution.
I would like nothing more than to see certain GMAC folks led away in chains.
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