Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: MythMan who wrote (251037)	7/18/2003 4:18:55 PM
From: yard_man	Read Replies (3) of 436258

what housing bubble?? biz.yahoo.com Loans, not cars, power GM, Ford Q2 earnings >>What caught many analysts' attention was that GMAC made more off loans for buildings than loans for cars. GMAC's mortgage business earned $415 million in the quarter -- a six-fold increase over the same period a year ago -- while the regular financing business earned $396 million. GMAC's mortgage arm is the nation's largest commercial mortgage company and one of the top 10 largest residential companies. It owns the mortgage on the new AOL TimeWarner skyscraper in New York, and runs Ditech.com, which pitches mortgage refinancing through a plethora of television ads. Last year, GMAC's mortgage business wrote 901,000 consumer mortgages and home equity loans, and was servicing 2.6 million consumer and commercial loans as of 2002. Like other lenders, GMAC has ridden the boom in home-mortgage refinancing -- which currently accounts for roughly 70 percent of its loans -- to record profits. <<

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