GMAC to close offices, lay off 42 employees

LOS ANGELES Lender GMAC Financial Services said yesterday it is laying off all of its 42 Hawaii employees in the next month and closing its four isle locations as part of a national closure of all 200 GMAC ... Full Story
Dick Healey

United States

#1 Sep 4, 2008
GM is on its way out. The company should hire the "B" team from Toyota to run what's left of its car and financial groups before the entire company sinks into the abyss. Stock holders should demand a change in management, and perhaps even the board of directors. Any high school kid could run the company better than current management. It's a sorry day for the employees in Business Capitol Group in Hawaii.
Keal

Honolulu, HI

#2 Sep 4, 2008
General Motors Corp. take back your company while you still can. Cerberus Capital Management is going to wipe you out.
Keal

Honolulu, HI

#3 Sep 4, 2008
General Motors Corp. take back your company while you still can. Cerberus Capital Management is going to wipe you out.
beachwall

United States

#4 Sep 4, 2008
Cerebus is pure greed. They will do anything to save themselves. Cerebus also controls all the Kyo Ya Sheratons in Waikiki and Maui. Will they close those next????
K den

Honolulu, HI

#5 Sep 4, 2008
Rizzo is a dope and should have been canned long ago.
give me a break

Kaneohe, HI

#7 Sep 4, 2008
"No problem hawaii's economy is in good shape" just ask the mufster when is the next tax increase due???????? maybe a new tax, "wouldn't that be special"??????????

Still from Kaneohe.
nuffalready

Waterloo, IA

#8 Sep 4, 2008
K den wrote:
Rizzo is a dope and should have been canned long ago.
you are so stoopid....what does Rizzo have to do with the entire GMAC organization closing nationwids? Hawaii operations were one of the top producing districts in for GMAC. Before you open your mouth you should know the facts!
Meet Half Way

Springfield, MA

#9 Sep 4, 2008
Last year on CNBC I watched a GM executive giving GM's vision for the future...not just SUV's but the BIGGEST SUV's on the market. The CNBC host was stunned but the executive thought bigger was brilliant!

No doubt he's still got his job.
Meet Half Way

Springfield, MA

#10 Sep 4, 2008
http://www.msnbc.msn.com/id/10499101/

Here's the 2006 story from MSNBC.
K den

Honolulu, HI

#11 Sep 5, 2008
nuffalready wrote:
<quoted text>you are so stoopid....what does Rizzo have to do with the entire GMAC organization closing nationwids? Hawaii operations were one of the top producing districts in for GMAC. Before you open your mouth you should know the facts!
Hey FAQ, Iím not talking about GMACís national failed position or the dopes that couldnít make it work several years ago. Iím talking about Rizzo- we are well aware of his hidden origination fees and district quotas that he arbitrarily used to pad his operation at a cost to unsuspected borrowers. He and those like him should be indicted. Rizzo is a pretender like most of you in Horsham. Where are your facts STUPID?
kjj1978

United States

#12 Sep 6, 2008
K den wrote:
<quoted text>
Hey FAQ, Iím not talking about GMACís national failed position or the dopes that couldnít make it work several years ago. Iím talking about Rizzo- we are well aware of his hidden origination fees and district quotas that he arbitrarily used to pad his operation at a cost to unsuspected borrowers. He and those like him should be indicted. Rizzo is a pretender like most of you in Horsham. Where are your facts STUPID?
the lender not the loan officers set the origination fees...obviously you know nothing about lending practices. All fees must be disclosed on the final HUD so how can an origination fee be hidden. GMAC is a mortgage banker not a broker and receives compensation for the loan amount not the origination fees. So origination fees have nothing to do with a district making money. Quotas? Where are you coming from? Our districts didn't have quotas for collecting fees. If you knew what you were talking about you would know that origination fees are not mandatory. Yes you are still STUPID!
seniorauthor

Houston, TX

#13 Sep 7, 2008
Is it possible you are talking about the high YSP CHARGED BY OFFERING HIGH INTEREST RATES? All of the lenders, as you both probably know, cleaned the borrowers house by offering those high interest rates which provided much higher ysp's. By the way, those ysp's made these ocmpanies millions, but of course they had to pay their expenses didn't them. The loan officer did not always get his share by the way of the ysp. Sometimes yes, sometimes no. Depended on how agressive the loan officer was and his clout with his mortgage banker.
Blurry Vision

Springfield, MA

#16 Sep 7, 2008
Mahu wrote:
PS. A public utility such as Hawaiian Electric should not be owning a bank.
You hit on an issue here that is at the heart of the matter. Blurring the lines. During the Clinton Admin, laws were changed allowing the insurance companies into the financial services sector. Crazy considering much of the tax code allows shady accounting practices for insurance companies which immediately went into place in the financial markets. How many times did a company take out a loan and call it PROFIT on their books to sell more stock or, in the reverse, set aside money (insurance co "RESERVE") and call it a LOSS although it remained in their accounts? Accounting lost every ounce of accountibility.

During the Bush Admin, the lines have been blurred to the point of drunkeness. One market gets in trouble, the rest go down with it.
tina

East Brunswick, NJ

#17 Oct 23, 2008
so cerebrus is buying ACDelco I'll bet. I know that when they took over GMAC it wasn't horrible. but the scarey thing is not knowing. hubby works for the ACDelco brand and we have moved everywhere they have moved us for 8yrs. moved 3 times in 8yrs. i dont mind so much except this last time they moved us to a state that has horrible taxes. we pay 8400 a year in property alone and that makes the house payment 750 more a month. so if cerebrus says humm you make too much and we are not paying what GM was then what? we can't afford to stay living here and cant sell our house cuz the market sucks. so can he quit and still get unemployment? cuz they will want to pay him less than what he is making and we didnt choose to live here in this high tax state. we will want to go back to our old home that we own out right and only pay 363 a year in taxes. if he doesnt get unemploy cuz he quits cuz they want to pay him way less than how in the hell do we move. charge it?? get more in debt just to move to where we can afford to live. it wasnt out choice to move here but the companies. the company controls your life and then when they are done with you spit you out like chewed up food to fend for yourself. so so wrong!!!!!we are praying he just gets laid off if cerebrus takes over and then we dont have to worry about it. we will sell the house when it sells cuz his unemply will be enuf for house payment. house has been listed for 3 months anyway cuz we knew our ARM would chng in aug of 2010 and wanted to start now. we always do ARMS cuz GM moves us so much so why do a fixed and pay higher payments. damn the time i want him laid off or moved we dont get it and the times we wanted to stay where we are at they move us. companies never think about their employees i swear. just their own pockets.

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