Tax Dollars Wasted: GMAC Looses Billions (So, What Else is New?)

First, an excerpt from my posting of Tuesday, December 30, 2008 (Please go back and read the complete post): "GMAC reduced the credit score necessary to get a loan from 700 (very good) to 621 (not very good.) Do you believe this? I am loathed at how they are wasting my money as a taxpayer. Everyone that reads this blog should send a copy of this posting to his/her Representative and Senators demanding accountability. By the way, the median (average) FICO score in the United States is 723."

Second, there are consequences for such stupidity (to coin a word from President Obama) from GMAC. "GMAC, who received $13.5 billion in government bailout funds, reported a $3.9 billion second-quarter loss tied to rising loan defaults and said it may sell part of its insurance operations. The loss, GMAC’s seventh in the past eight quarters, rose from $2.48 billion a year earlier." What do you expect when you reduce one's credit score from 700 to 621! Then again, it is not GMAC's money, it is the American taxpayer.

Please forward this posting and the posting from December 30, 2008 to your Representative and Senators and remind them how you intend to cast your next Congressional and Senatorial votes.