Monday, April 13, 2009
Were you aware that Essent is a bennificiary of the bailout? In kind of a round-about way. Remember the Six Degrees of Kevin Bacon? Well, GM is accepting a bailout, GMAC is 49% owned by GM, GMAC-RFC is totally owned by GMAC, and GMAC-RFC loaned Essent $75 Million to buy PRMC.
Since GMAC owns a bank, the degrees of separation might decrease, if it gets bailed out directly.