foreclosure paper work without verifying it and reading through it which they are legally required to do. ally financial is the fourth biggest lender in this country. in a sworn deposition, the head of the foreclosure document team said he never checked all of the documents when he signed off on foreclosures for many, many home owners and they have suspended evictions in 23 states across the country that they say may have been affected and they re reviewing previous foreclosures and say this is not the fault of one person signing off on documents. they say this problem stemmed from an internal process, and they say, look, we ve corrected it. i want to read you a statement tr ally bank. here s are what they said. they said, no evidence of any factual misstatements or inaccuracies containing the details typically contained in the affidavits such as the loan balance, its delinquency and the
accuracy of the note and the underlying transactions. they re saying it doesn t mean people who lost their homes shouldn t have. i just got off the phone with a lawyer representing the home owners in maine. he s working for free, pro bono for them. he says that s not the case and found two situations where the underlying facts are not accurate and home owners should not have been forced out of their homes. do you think that is a larger problem extending to other companies? absolutely. this lawyer said ally financial is used by hundreds of other companies to service their mortgages, including major companies like fannie mae and freddie mac. he told us the problem is widespread throughout the industry and does not just have to do with ally financial and on top of this, we have seen record foreclosures and mountains and mountains of payment work that the banks need toe sign off. we have seen 338,000 foreclosures in august alone and
we were able to draw $82 billion of t.a.r.p. money without having to go to congress. i m convinced and one of the big points i make in here is if we had to go to congress, one or both of these companies would have liquidated. are we going to get the money back? we ll get almost all of it if not all of it. the gmipo will be successful. gmac is fine, chrysler is doing fine. this will go down as a case where government can intervene successfully. the other big point is this is not going to become vietnam or afghanistan. we re going to get in and get out. that s part of why gm is going public so quickly because larry was determined that we get out quickly. a big question about foreign investment. should foreign investors have an opportunity in this ipo for gm? of course they should. why shouldn t they? we have foreign investment in all kinds of companies around this country. chrysler was owned by daimler for seven years in its entirety.
it earned $2.2 billion in profits this year. but question is when will the american taxpayers see the billions general motors owes us. good for gm, they are making money again. when do we collect? reporter: a long time from now, megyn they don t have the cash. things are getting better. they don t have the money. they have to go public. they were public, then they went bust and were bailed out and the stack went away. if they go public which some people speculate could be very soon, maybe next week. if buyers come in and buy the stock they could give the stock to the government. right? in lieu of cash they could give the money. but they owe $60 billion. don t forget gmac, their former financing arm still owes $17 billion. and there ain t no hope they are going to pay that back. i thought i would bring worse
for 3 1/2 billion dollars. you talk about hipocracy, neil, this is, this is outrageous, after spending the last two years beating the reckless banks and how dare they, the president picks up a subprime lending? it proves you must have what happened to gmac financial? that was part of the is that ironic? ironic? it proves we need subprime lendners this country and auto companies need that, but the hipocracy of it is this. we won t let the free markets do it. instead we ll do it on the taxpayer dime and that same, quote, unquote, reckless behavior. i ve got to tell you, neil, it s nuts what s happening here and it s all coming back, we re starting to see it. what s the dollar figure. and how much they spent bailing out gmac. 17.2 billion dollars. so we spent that money and now we got rid of that and now let s bring it back on again. what are they thinking really? we know the government should be running business and this is another example, we should not