Fed Doves & Hawks Defined; More on USDA; ResCap & Goldman; Rent vs. Buy; Refinancing Government Debt
ByPosted To: Pipeline Press
Not a day passes whereby an employee in a mortgage bank doesn't start a grease fire (which they claim is an accident) in the kitchen. In all seriousness, here's a worthwhile 45 seconds . In a story from the New York Post, GMAC has hired Goldman Sachs to start the process of selling Res Cap . Between GMAC being mostly owned by the government ($17 billion for 56%), and Res Cap losing billions of dollars, and Warren Buffett's Berkshire Hathaway owning a sizeable chunk of ResCap's debt, it could make for an interesting story. Recently the committee overseeing how money from the Troubled Asset Relief Program is managed issued a report on how the government has handled the GMAC bailout, saying "it is deeply concerned that Treasury has not required GMAC to lay out a clear path…(read more)