Detroit Mortgage News

GMAC gives up some GM car financing in bailout (Los Angeles Times)
DETROIT -- GMAC will no longer have exclusive rights to provide low-interest loans to people who buy General Motors Corp. vehicles, and it will stop financing leases under a complex deal to get federal aid for the troubled lender.

Shore Mortgage Recruiting Loan Officers, Underwriters, Processors, Closers, Post Closing Specialists and Account ... (PR Newswire via Yahoo! Finance)
FHA leader in Michigan, Shore Mortgage, a full service mortgage company offering new mortgages as well as refinancing services, has four locations throughout the Detroit metropolitan area and is licensed to do business in Alabama, Arkansas, Arizona, Florida, Georgia, Illinois, Indiana, Maine, Michigan, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Mexico, North Carolina, North ...

GM gets $4B loan; U.S. to give more soon (The Toledo Blade)
DETROIT - General Motors Corp. closed on a $4 billion loan from the U.S. Treasury Department Wednesday night, a cash infusion that will prevent the automaker's imminent financial collapse after a dramatic sales decline and cash crunch this year. The automaker will receive another $5.4 billion next month and possibly another $4 billion on Feb. 17 if Congress approves opening the second half of ...

GMAC gives up some GM car financing in bailout (INO News)
(AP:DETROIT) GMAC will no longer have exclusive rights to provide low-interest loans to people who buy General Motors Corp. vehicles, and it will stop financing leases under a complex deal to get federal aid for the troubled lender.

GMAC gives up some GM car financing in bailout (Canadian Business)
DETROIT - GMAC will no longer have exclusive rights to provide low-interest loans to people who buy General Motors Corp. vehicles, and it will

GM, GMAC loosen finance pact after lender bailout (Reuters via Yahoo! News)
GMAC LLC on Friday said that as part of its $6 billion federal bailout and decision to become a bank, it will no longer have the exclusive right to provide low-interest loans to borrowers who buy General Motors Corp cars and trucks.

Jobless claims data paint bleak picture for 2009; mortgage rates fall to third straight record low (Austin American-Statesman)
UNEMPLOYMENT

GM, GMAC loosen finance pact after lender bailout (Washington Post)
NEW YORK (Reuters) - GMAC LLC on Friday said that as part of its $6 billion federal bailout and decision to become a bank, it will no longer have the exclusive right to provide low-interest loans to borrowers who buy General Motors Corp cars and trucks.

DETROIT: Former Ecorse superintendent, wife found guilty (The News-Herald)
                DETROIT — A former assistant Ecorse school superintendent and his wife have pleaded guilty to mail and bank fraud and will be sentenced May 26.