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.
Foreclosed houses for sale have been pushing down pickup sales over the past few years as many home builders, among the biggest users of pickups, refuse to purchase new pickups until foreclosures slow down and they can get back to building new homes.
Print This Article
Add To Favorites