Our attempts to locate and contact any key management officials of GMAC Mortgage have been unsuccessful. For those of you that have wanted to simply have a conversation with any key decision makers from this company, you know that they only provide their customer service line or an online form to complete.  It wasnt after I filed a complaint with our Attorney General's Office (Mr. James D. "Buddy" Caldwell) and the Department of Justice, that I received a response from GMAC Mortgage to the Attorney Generals' office, that I received some viable contact information.  Yes, GMAC Mortgage continues to lie about the events of April 27 and 28.  But more importantly, I now have the name of a real live person who is an "Advocacy Resolution Specialist" for GMAC Mortgage (yes, they actually have one of these!).  Mr. Bryan Duggan can be reached at 1 -800-627-0128 extension 2365373 or directly at 319-236-5373.  I'm confident that if GMAC Mortgage has an advocacy specialist, then they certainly would welcome calls from their customers, the people that keep them in business, regarding their experiences, concerns and dissatisfaction with their business practices. 

The way we deal with such entities as GMAC Mortgage, is by not doing business with them.  And write to every consumer group and elected official you can find regarding GMAC Mortgages business practices.  Remember, it was our government that gave GMAC a whole bunch of our tax money.  But of course, we now have Mr. Bryan Duggan to listen and act on our inquiries.  I know I feel so much better just knowing that GMAC Mortgage is "there" for me!

There are numerous reports of GMAC Mortgage's unethical business practices available online with consumer report groups.  Even if what GMAC Mortgage does is not on paper, illegal, there is a moral side to what sort of business practices they subscribe to.  If GMAC Mortgage would lie to a Baptist Minister and his terminal wife, no one is safe.
 

NEW YORK (CNNMoney.com) -- The Treasury Department did not adequately consider all options when bailing out troubled finance company GMAC and could have better protected taxpayers' money, according to a report released Thursday.

In its March report, the Congressional Oversight Panel expressed concerns about Treasury's handling of GMAC, the General Motors in-house credit arm that has received three government bailouts.

All told, taxpayers have put $17.2 billion into GMAC and it remains in doubt whether any of those funds will be repaid.

The report said Treasury missed opportunities to increase accountability and better protect taxpayers' money.

For example, the report noted, GMAC was not subjected to the same "sweeping changes" that auto companies were required to undergo in order to receive bailout funds: It did not wipe out equity holders. It also was not required to detail how it planned to return to profitability or provide a public explanation of how the company would use funds to increase lending.

The panel's report explained that GMAC expanded over the years beyond auto lending to include home mortgages, auto insurance and financing for manufacturers. But it was GMAC's "historic ties to GM [that] would, in the end, prove to be its salvation," the report said.

When the auto industry began to collapse under the weight of the recession, the government deemed GMAC worthy of a bailout in order to save General Motors and Chrysler as it provided dealers with almost all of the loans to purchase inventory.

GMAC lost more than $5 billion in the first nine months of 2009 and has lost money in six of seven quarters, including two quarters in 2008 in which it lost at least $2.5 billion.

GMAC was one of 19 banks that underwent stress tests in order to determine whether it could survive under a deep economic downturn. The test revealed that GMAC needed more capital but could not raise it in the markets like other institutions.

As such, GMAC received $7.5 billion from the government at the end of 2008 and $6 billion in the middle of last year in an effort to shore up the sagging auto financing market.

GMAC was considered a poor candidate for bankruptcy in 2008, but the panel suggested such a plan "could have preserved GMAC's automotive lending functions while winding down its other, less significant operations ... and putting the company on sounder economic footing."

Also of concern, the panel said, is that Treasury has not adequately considered the possibility of merging GMAC back into GM. The report said this move would streamline GM's operations into a business model like that of most other auto manufacturers and would strengthen the automaker.

"The rescue also came at great expense," the report noted, "and taxpayers already bear significant exposure to the company."

Warren, the panel chair, noted GMAC was so weighed down by losses in its residential mortgage unit that the company's chief executive once referred to the sector as "the millstone around the company's neck."

Losses on that residential mortgage portfolio accounted for $4 out of every $5 that GMAC lost last year -- that is, $8.3 billion out of the $10.3 billion that the company lost in total, Warren said.

GMAC officials testified before the panel last week, saying the company expects to repay the Treasury loans and issue common stock within two years, but those statements were met with skepticism.

Similarly, the panel expressed concern that GMAC has not been required to state a viable plan for its future or for repaying bailout funds.

Treasury missed chances to save on GMAC bailout - panel

NEW YORK (CNNMoney.com) -- The Treasury Department did not adequately consider all options when bailing out troubled finance company GMAC and could have better protected taxpayers' money, according to a report released Thursday.

In its March report, the Congressional Oversight Panel expressed concerns about Treasury's handling of GMAC, the General Motors in-house credit arm that has received three government bailouts.

All told, taxpayers have put $17.2 billion into GMAC and it remains in doubt whether any of those funds will be repaid.

The report said Treasury missed opportunities to increase accountability and better protect taxpayers' money.

For example, the report noted, GMAC was not subjected to the same "sweeping changes" that auto companies were required to undergo in order to receive bailout funds: It did not wipe out equity holders. It also was not required to detail how it planned to return to profitability or provide a public explanation of how the company would use funds to increase lending.

The panel's report explained that GMAC expanded over the years beyond auto lending to include home mortgages, auto insurance and financing for manufacturers. But it was GMAC's "historic ties to GM [that] would, in the end, prove to be its salvation," the report said.

When the auto industry began to collapse under the weight of the recession, the government deemed GMAC worthy of a bailout in order to save General Motors and Chrysler as it provided dealers with almost all of the loans to purchase inventory.

GMAC lost more than $5 billion in the first nine months of 2009 and has lost money in six of seven quarters, including two quarters in 2008 in which it lost at least $2.5 billion.

GMAC was one of 19 banks that underwent stress tests in order to determine whether it could survive under a deep economic downturn. The test revealed that GMAC needed more capital but could not raise it in the markets like other institutions.

As such, GMAC received $7.5 billion from the government at the end of 2008 and $6 billion in the middle of last year in an effort to shore up the sagging auto financing market.

GMAC was considered a poor candidate for bankruptcy in 2008, but the panel suggested such a plan "could have preserved GMAC's automotive lending functions while winding down its other, less significant operations ... and putting the company on sounder economic footing."

Also of concern, the panel said, is that Treasury has not adequately considered the possibility of merging GMAC back into GM. The report said this move would streamline GM's operations into a business model like that of most other auto manufacturers and would strengthen the automaker.

"The rescue also came at great expense," the report noted, "and taxpayers already bear significant exposure to the company."

Warren, the panel chair, noted GMAC was so weighed down by losses in its residential mortgage unit that the company's chief executive once referred to the sector as "the millstone around the company's neck."

Losses on that residential mortgage portfolio accounted for $4 out of every $5 that GMAC lost last year -- that is, $8.3 billion out of the $10.3 billion that the company lost in total, Warren said.

GMAC officials testified before the panel last week, saying the company expects to repay the Treasury loans and issue common stock within two years, but those statements were met with skepticism.

Similarly, the panel expressed concern that GMAC has not been required to state a viable plan for its future or for repaying bailout funds.

Dear GMAC internet guy,

I'm way ahead of you--I did contact the President--and every government office I could find local, state, and national.

I have heard from the Governor's office since my interview was televised. I also heard from the head person from HUD who directly reports to Obama. Before I was on the news, no one was calling me back.

I have told my story to every consumer watchdog group, advocacy groups for the disabled, and my story is being forwarded on the internet.

I do appreciate your comment and your cordial suggestion.

Regards,
Karen

so he knows what's going on, right?