The Brian Sullivan Blog
  • July 29, 2009 12:30 PM EDT by Brian Sullivan

    My Freebie GM-Sponsored Mortgage?

    Just found out my mortgage was bought by a new company called Ally Bank.    The website notes that Ally is an online bank that was "built on the foundation of GMAC Financial Services.

    Hmm.

    GM took more than $13 billion in taxpayer money before filing for bankruptcy .. and its bankruptcy will cost every taxpayer in America even more over the next few years.

    GMAC took about $6 billion in taxpayer cash back in December.

    Since no one thinks GM will ever be able to pay that money back given its weakened condition (so weak in fact it won't even likely be paying taxes for the next few years) ... I'm wondering if I can get my money back by simply not paying my mortgage for a few months.

    Alas ... somehow I think that won't go over too well.

Mortgage Payment

Nice Article. Have bookmarked your site! Keep it up!

July 30, 2009 at 6:13 pm

Nacho

Don, but at what price? Sure all the banks can't fail at the same time, but that doesn't mean we should be giving out bailout after bailout. Nor does it mean we need any specific company in particular. No company should be "too big to fail," but that shouldn't be confused with allowing a system wide collapse.

July 30, 2009 at 3:13 pm

Don

Despite the distaste we have for these firms, future success for them is in the best interest of all of us.

July 30, 2009 at 11:09 am

Nacho

Forget just GMAC. Think if all the tax payers recouped their share of the bailouts by not paying the mortgages held by TARP receiving banks. What percent of the mortgages in this country would that be? Like 90% or more?

July 29, 2009 at 5:07 pm

Leslie Opp

Can only imagine the impact if everyone with a mortgage touched by GMAC did that, none the less it certainly would be hilarious to see the look on the celebutards face if that happened.

July 29, 2009 at 1:29 pm

about this blog

  • Brian Sullivan joined FOX Business Network (FBN) in April 2008 as an anchor. He co-anchors the 10am-12pm ET hours of the FOX Business block. Prior to joining FBN, Sullivan served as an anchor for Bloomberg Television where he hosted the programs Morning Call and In Focus.

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