Stock Market and GMAC
The market is trading in a fairly tight range this morning. Honestly, no telling what the afternoon will bring. GMAC is planning to shut most of it’s American and Canadian lending offices, leaving open 4 US and 1 Canadian offices. The Ohio Attorney General, on behalf of state funds, is looking at possible action against Fannie Mae (FNM) over auction-rate securities and a potential lawsuit over disclosure of subprime holdings.
