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Paul Kiesel
Paul Kiesel
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GMAC Spends $410,000 Lobbying on Bills Related to Mortgage Lending

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According to Forbes.com and the Associated Press, GMAC LLC spent $410,000 in the first quarter lobbying on several bills related to mortgage lending and other issues, according to a disclosure report (Forbes.com, 6/13/08).

The bills that GMAC lobbied on would raise the limits on government-insured mortgages and allow judges to alter mortgage loans for homeowners in bankruptcy. Both issues have been a top priority for consumer groups of mortgagees.

The bankruptcy legislation is pending in Congress and it is not certain if it will pass through with enough votes to circumvent a veto by President Bush.

GMAC also lobbied on legislation involving financial literacy, reforms of government-sponsored mortgage giants Fannie Mae and Freddie Mac, the use of consumer credit reports, and the taxation of liability corporations.

Overall, this is great news to see GMAC take the initiative to help start cleaning up the mortgage industry and its lending practices. It’ll be interesting to see if the bill relating to mortgage reform in BK courts passes through Congress, but, nonetheless, this is a positive step and encourages other corporate entities to participate in mortgagee relief.