President Obama has been touting the fact that the government bailout of General Motors saved thousands of jobs, not to mention the economies of (swing) states like Michigan and Ohio. But mortgage bankers may’ve noticed that the government rescue of Ally Financial has been missing from the political debate. After all, Uncle Sam has $17 billion invested in Ally and Residential Capital Corp. If Ally/ResCap had gone bust would it have been an economic ‘event’ equal to GM? I would guess not. ResCap has a servicing market share of just under 4%, according to the Quarterly Data Report. Meanwhile, the auction of ResCap takes place Tuesday with firms the likes of Ocwen Financial and Nationstar vying for their assets. One wag suggested that Ocwen’s outsourcing of mortgage jobs to India could hurt its chances because it would be selling the government-owned ResCap to a buyer who very well could send jobs overseas. If Ocwen wins the bid will Mitt Romney seize the day on this political factoid?
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