GMAC Bank

[w¡n9Nµ7 §£@¥€r 123]

Would you deposit 50% of your net worth with this bank if they were offering, by far, the best rate you could find, within your personal tolerance for risk?

GMAC may need a bailout (again)

It looks as if one more bank needs a bailout. And, four months ago, this bank was not even a bank.

The company is GMAC, the onetime finance arm of General Motors, which itself seems to be hurtling toward bankruptcy.

The results of bank stress tests disclosed Thursday showed that GMAC is in dire straits. Federal regulators determined that GMAC must raise a staggering $11.5 billion in capital, the equivalent of roughly half its current equity. G.M. is in no position to help.

Neither is Cerberus Capital Management, the big private investment firm that briefly controlled GMAC.

That means the government is likely to come to the rescue once again, according to people briefed on the matter.

It would be only the latest instance of extraordinary federal aid for GMAC, whose survival is seen as crucial to G.M. and, now, Chrysler. Both carmakers are relying on GMAC to help buyers and dealers finance their purchases.

[I AM NOT THAT GUY 5,715]

Would you deposit 50% of your net worth with this bank if they were offering, by far, the best rate you could find, within your personal tolerance for risk?

GMAC may need a bailout (again)

It looks as if one more bank needs a bailout. And, four months ago, this bank was not even a bank.

The company is GMAC, the onetime finance arm of General Motors, which itself seems to be hurtling toward bankruptcy.

The results of bank stress tests disclosed Thursday showed that GMAC is in dire straits. Federal regulators determined that GMAC must raise a staggering $11.5 billion in capital, the equivalent of roughly half its current equity. G.M. is in no position to help.

Neither is Cerberus Capital Management, the big private investment firm that briefly controlled GMAC.

That means the government is likely to come to the rescue once again, according to people briefed on the matter.

It would be only the latest instance of extraordinary federal aid for GMAC, whose survival is seen as crucial to G.M. and, now, Chrysler. Both carmakers are relying on GMAC to help buyers and dealers finance their purchases.

I have GMAC Mortgage as my mortgage holder, and Ditech is also a GMAC company, I do believe. To add, they have been the best service company that I have had servicing my mortgage.

Edited May 9, 2009 by Mister_Bill

[w¡n9Nµ7 §£@¥€r 123]

I have GMAC Mortgage as my mortgage holder, and Ditech is also a GMAC company, I do believe. To add, they have been the best service company that I have had servicing my mortgage.

I have heard similar comments about their customer service from others as well. Thanks.

[Pinocchio Liberal 268]

No but I be gettin a double on the XLF!

[scandal 951]

Would you deposit 50% of your net worth with this bank if they were offering, by far, the best rate you could find, within your personal tolerance for risk?

GMAC may need a bailout (again)

It looks as if one more bank needs a bailout. And, four months ago, this bank was not even a bank.

The company is GMAC, the onetime finance arm of General Motors, which itself seems to be hurtling toward bankruptcy.

The results of bank stress tests disclosed Thursday showed that GMAC is in dire straits. Federal regulators determined that GMAC must raise a staggering $11.5 billion in capital, the equivalent of roughly half its current equity. G.M. is in no position to help.

Neither is Cerberus Capital Management, the big private investment firm that briefly controlled GMAC.

That means the government is likely to come to the rescue once again, according to people briefed on the matter.

It would be only the latest instance of extraordinary federal aid for GMAC, whose survival is seen as crucial to G.M. and, now, Chrysler. Both carmakers are relying on GMAC to help buyers and dealers finance their purchases.

I have GMAC Mortgage as my mortgage holder, and Ditech is also a GMAC company, I do believe. To add, they have been the best service company that I have had servicing my mortgage.

To answer the original question:

Would you deposit 50% of your net worth with this bank if they were offering, by far, the best rate you could find, within your personal tolerance for risk?

If the account was FDIC insured, and I was depositing up to the $250,000 per account limit , sure, why not?

FDIC has never yet failed to cover a qualifying interest bearing deposit. I assume you're thinking of something like a CD, yes?

BTW - is this a hypothetical question or are you actually considering it? I'm not giving investment advice here... just kibbitzing as usual .....

[w¡n9Nµ7 §£@¥€r 123]

Just a hypo.