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Tag Archives: GMAC

Attorney general creates foreclosure prevention group

Attorney General Jim Hood has announced the creation of the  “Mississippi Foreclosure Prevention Consortium” to assist homeowners who are struggling as a result of the foreclosure crisis. “The consortium was created through funding from the National Mortgage Settlement that was entered into earlier this year with the nation’s five largest mortgage servicers,” the General Hood’s office. Partners include Money Management International, ...

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State grabs $7.7M of foreclosure settlement

The mortgage foreclosure fiasco has turned out to be a bonanza of sorts for Mississippi state government. Mississippi’s general fund will receive a $7.7 cash infusion from the national legal settlement state Attorney General Jim Hood and 48 other attorneys general negotiated with giant mortgage servicers Bank of America, Citi, Chase, GMAC and Wells Fargo. The financial companies were forced ...

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Pay czar cutting GMAC executives' compensation

WASHINGTON — The Obama administration’s pay czar is reducing 2010 compensation for top executives at GMAC Inc. because the auto finance giant continues to lose money and has no strategy for repaying its $16.3 billion taxpayer bailout, according to people familiar with the negotiations. The people say only one of the 25 highest earners at GMAC will earn more than ...

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