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General Motors is getting into the subprime lending business. And that means taxpayers are, too.


GM, majority owned by taxpayers, is buying a company that makes car loans to shoppers with poor credit.

http://news.yahoo.com/s/ap/20100722/ap_on_bi_ge/us_gm_auto_financing

Good idea? Bad idea?

Clicky link below.

 
mancosmomma

Asked by mancosmomma at 9:45 AM on Jul. 23, 2010 in Politics & Current Events

Level 19 (7,315 Credits)
This question is closed.
Answers (13)
  • OMG my exact thought as well steph.Flipping morons.
    tnmomofive

    Answer by tnmomofive at 9:49 AM on Jul. 23, 2010

  • I just had to shake my head. It's just fannie/freddie auto version.
    itsmesteph11

    Answer by itsmesteph11 at 9:47 AM on Jul. 23, 2010

  • Didn't GMAC always provide subprime loans? They did when I worked for them in the early 90's, but that is a long time ago so maybe something changed.
    Bezu

    Answer by Bezu at 9:49 AM on Jul. 23, 2010

  • Bezu iscorrect. GMAC has been around for years.
    jewjewbee

    Answer by jewjewbee at 9:56 AM on Jul. 23, 2010

  • GMAC also recieved bailout money so thats not really a glowing example that it's ok
    itsmesteph11

    Answer by itsmesteph11 at 10:00 AM on Jul. 23, 2010

  • The sub-prime mess was created by the government.  Then Obama signs a Financial Reform bill that convienently leaves out car dealers.  Now GM is buying a company that creates sub-prime car loans. 


    I see a pattern here. 

    MunchMunch

    Answer by MunchMunch at 10:10 AM on Jul. 23, 2010

  • Doncha love it that people feel the need to go anon and hide their true selves. Biotch cant do it with her name, she is ashamed.
    MunchMunch

    Answer by MunchMunch at 10:48 AM on Jul. 23, 2010

  • I also never mentioned Obama, get your head out of your a$$.


    Good luck with that.  His head seems to fit perfectly in there....   This is HORRIBLE!!!!! F'n insane! 

    grlygrlz2

    Answer by grlygrlz2 at 11:09 AM on Jul. 23, 2010

  • http://news.yahoo.com/s/ap/20100722/ap_on_bi_ge/us_gm_auto_financing


    I can't help but think this is a truly bad idea.  How about you?

    mancosmomma

    Comment by mancosmomma (original poster) at 9:46 AM on Jul. 23, 2010

  • GMAC has been around for years. GM is now buying a company the specializes in sub-prime car loans.
    mancosmomma

    Comment by mancosmomma (original poster) at 10:03 AM on Jul. 23, 2010

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