JJ Hornblass's Blog – November 2008 Archive (4)

GMAC Angles for TARP Funds

GMAC Financial Services today announced that it has submitted an application to the Federal Reserve for approval to become a bank holding company. GMAC also said today that it submitted an application to the U.S. Treasury for TARP funds.

* GMAC's announcement here.

* AP coverage here.

*… Continue

Added by JJ Hornblass on November 20, 2008 at 9:51am — 1 Comment

US Bancorp to Stick With Auto Finance, Despite 3Q Loss

Despite losing $84 million on automotive leases last quarter, US Bancorp remains committed to the auto financing business, its top executive said yesterday.

Richard K. Davis, the chairman, president and CEO of US Bancorp, emphasized during a presentation on the company's performance and plans that auto finance remains in the bank's strategy.

"We have been in the auto finance business since 1953 and we are going to stay active," Davis said.

The reaffirmation… Continue

Added by JJ Hornblass on November 13, 2008 at 11:00am — 4 Comments

Fairbanks Concedes Cap One's Past Auto Finance Shortcomings

In a notable admission, Richard Fairbanks, the chairman and CEO of Capital One Financial Corp., yesterday acknowledged that the company made notable mistakes in automotive finance.

Fairbanks called Cap One's financial modeling when its auto finance unit moved beyond the super-prime and prime sectors a couple of years ago as "among the worst in the market." Fairbanks said Capital One made the mistakes as it "expanded to parts of the business we hadn't been in before."

The… Continue

Added by JJ Hornblass on November 13, 2008 at 10:30am — 3 Comments

OBAMA ELECTED PRESIDENT

Sen. Barack H. Obama [D-Ill.] has been elected president of the United States of America. The 47-year-old has won at least 297 electoral votes to claim victory over Sen. John McCain, the Republican from Arizona.

President-elect Obama faces an economy in recession, a banking industry suffering through its worst collapse since the Great Depression, and an automotive sector weathering steep sales… Continue

Added by JJ Hornblass on November 4, 2008 at 11:00pm — No Comments