The decision of GMAC Financial Services to resume its truck and automobile lending to subprime loan borrowers and reduce inventory financing costs is expected to boost General Motors Corp. sales and prevent government foreclosures.
Nationwide unemployment rate reached 6.7 percent in November, the highest rate in 15 years, due in part to the foreclosure crisis, according to the U.S. Labor Department.
The pace of foreclosed houses slowed in July in some U.S. counties, according to the economic stress index of Associated Press. The index measures the impact of unemployment, foreclosures and bankruptcies on the economic performance of counties.
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