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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (263036)	7/23/2010 11:08:36 AM
From: Perspective	Read Replies (1) \| Respond to of 306849

ACF - I think it's a "good bank, bad bank" taxpayer swindle, actually. We the taxpayers now own most of GMAC. So the new GM buys ACF, transfers the new business to ACF, and kills off GMAC. Taxpayer gets stuck holding the bag on a bunch of bad loans made previously, and GM can try to wring profit out of future loans without that baggage. Of course if the appetite for junk loans ever finally disappears as it should, GM will find their ACF division on the hook for a bunch of toilet paper. Then they can get ACF bailed out by the taxpayer since GM already has a government teat in its mouth. Heads they win, tails we lose. Privatize the profits, socialize the losses. What else is new? `BC