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Thursday, August 31, 2006

RE: Grim And Grimmer

I have been trying to explain aspects of the mortgage market that have changed sharply in the last five years over at Piggington's. I don't think I'm succeeding. But try this paper for an explanation of the shift in the market (pdf).

Also, please take a look at the second post on this NJ RE Report thread
. I got this from the comments on Grim's excellent blog, which has poor linking facilities. So this is the best I can do.

I also was hunting for info on GMAC's credit arm, specifically mortgages. Look at these results from Rip-off Report.com for harrowing tales. I believe them, because I got into this because of a report from a very reliable borrower about bad accounting at GMAC - and imagine this - it was always in GMAC's favor. These were large errors relating to misapplication of payments. But I don't think many people would catch this, because you'd have to track the amortization of the loan yourself. Not very many people do that. I would strongly suggest that people check their GMAC balances and file complaints with the FTC if they are off.

I'm out on site today, so it will be a quiet blog.

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