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Old March 20th, 2006, 02:14 PM   #7
Hal9000
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Quote:
Originally Posted by RyeBread
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GMAC's real estate holdings and mortgages are far and away more than "just a few". and definately more than just "their workers".

one of the reasons I went GMAC, is that while they reserve the right to resell the mortgage servicing agreement, they almost never do (in my experience, and asking about the portfolio at the local branch offices)

nothing like refinancing a house, and then 4 weeks later having it reassigned to the commercial mortgage market and finding someone else servicing the mortgage/escrow payments - usually it goes smoothely, but that assignment, and reassignment also goes badly more often than the market would have you beleive.

and by badly, eventually it all gets worked out, but a lot of people get fired up when they get threatening letters from the banks immediately after signing on a large mortgage simply cause the paperwork didn't make it from one bank to another efficiently...
ah i see i see, but still my analogy for Walmart stands, they are refusing to do buisness with anyone but them selves, versus GMAC that wants everyones buisness.

thanks for the info though on their reassaignment practices, i didn't know GMAC was one of the few that don't resell your mortgage. Happens with my student loans all the time Bank--> <--me
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