Sunday, February 26, 2012


Pay to Play
Comptroller Thompson
GMAC Mortage
I guess Thompson did get some personal help from his comptroller position Barrett: Bill Thompson Received Millions in Loans from the "Labor Bank" He's Promoted as Comptroller *** Thompson denies pay-to-play between his mortgages and his office

Swiming in Dark Pools of GMAC Tarp It is impossible to find our what is going on with our tarp money, because it flows into a network of financial companies who work together with each and the government behind closed doors. But if we follow GMAC and its third request for tarp funds we get clues. GMAC problems come from its
commercial real estate arm Capmark Financial which may file for Chapter 11 bankruptcy protection any day. So the GMAC has more to do with commercial real estate than it does from selling cars, which is the given as the reason for the tarp loans from government. Kohlberg Kravis Roberts, Goldman Sachs Capital Partners, Five Mile Capital and Dune Capital bought GMAC’s commercial real estate businesses in 2006 for about $1.5 billion, with GMAC retaining a 25 percent stake in the operation. K.K.R. has already written down the value of its Capmark investment to zero. We also know that other big guys are involved. Last month, Capmark agreed to sell its mortgage loan and servicing business to Warren E. Buffett’s Berkshire Hathaway for as much as $490 million. That agreement carried a 60-day expiration date, or around Nov. 2 — unless Capmark filed for bankruptcy, which would give it another 60 days to complete the sale. Even Pension Czar Steve Rattner was an investor in the investment fund that controlled Chrysler and GMAC. Before Rattner was appointed Auto Czar Mr. Rattner had a relationship with Cerberus Capital Management, an investment firm in New York that owned the majority of Chrysler and GMAC, the financing arm of General Motors. Mr. Rattner invested $500,000 to $1 million in a Cerberus fund that invested in auto parts companies. GMAC eyes fed aid again Despite signs of an economic recovery for the stronger financial firms, GMAC Financial Services and Uncle Sam are in negotiations for a third helping of taxpayer money. The Treasury Department is likely to inject $2.8 billion to $5.6 billion of capital into the troubled Detroit company, on top of the $12.5 billion that GMAC has received since December 2008 Big Lender GMAC Asks for More U.S. Aid (NYT) GMAC Asks for More U.S. Cash (WSJ)

Fla. judge reverses GMAC loan

Last Updated: 4:23 AM, April 25, 2010
Posted: 12:14 AM, April 25, 2010
Comments: 0

GMAC Mortgage got slammed by a Florida judge this month -- and that may be good news for some of the 1,234 New York homeowners hit with a foreclosure action by GMAC since the beginning of 2008.
In that case, Judge Anthony Rondolino voided a GMAC foreclosure win after he found out legal papers filed by the company with the court to steamroll its way over homeowner Debbie Visicaro were faulty. They were filed by an employee of GMAC's law firm who had no personal knowledge of the faulty mortgage's position.
In short, they were based entirely on hearsay.
Lawyers familiar with foreclosure actions filed by law firm mills, as was done in this case, say such instances aren't rare.
Visicaro, like most of the New York homeowners, at first decided to fight the foreclosure action without a lawyer. She didn't know that the law firm employee was guessing in his court papers. But Visicaro finally hired a lawyer, Michael Alex Wasylik, who pointed out the flimsy evidence to the judge who then admitted he made a mistake when he first awarded GMAC a quickie legal win.
When the GMAC lawyer couldn't explain away the bad evidence -- and could only manage a Ralph Kramden-like hamina-hamina-hamina -- the judge barked: "You're going to have to speak up. I know that when you're getting pummeled, it's hard to talk loudly."
"You know what I'd really like to see?" Rondolino said. "I'd like to see in one of these cases where a defense lawyer cross-examines, takes a deposition of these people, and we can see whether they ought be charged with perjury for all these affidavits."
The 720 homeowners still fighting active cases -- of the 1,234 filed in New York over the last 28 months -- should start asking questions about the affidavits submitted in their cases, lawyers said. Maybe the legal papers in their case are built on legal ground as firm as that in the Visicaro case.

Read more:

No comments:

Post a Comment