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11 Oct 2010, 1:30 pm
The big news last month was the revelation that hundreds of thousands of phony affidavits had been signed by an employee of GMAC Mortgage (a unit of Ally Financial) and then submitted to courts throughout the country to support foreclosures. [read post]
11 Oct 2010, 8:23 am
The following lenders have announced that they will stay foreclosures: Bank of America GMAC/Ally Financial JP Morgan ChasePNC Financial It is expected that additional lenders will follow suit in the near future given the widespread nature of the problems. [read post]
10 Oct 2010, 8:34 am
The impetus for the interview: "This week, Ohio filed a lawsuit accusing the lender Ally Financial and its GMAC Mortgage division of fraud in approving scores of... [read post]
10 Oct 2010, 8:11 am
So, meanwhile… back at the soon-to-be-foreclosed-on-ranch… after a GMAC/Ally Financial manager testified in a deposition that his job involved signing his name 10,000 times a month to foreclosure related documents without reading what he was signing, as if reading were possible when signing 10,000 of anything a month, on September 20th, GMAC/Ally announced that it had stopped all evictions and the resale of repossessed homes in 23 states. [read post]
10 Oct 2010, 7:11 am
And in a foreclosure mill complaint letter to Fannie Mae president Michael Williams, House Financial Services Committee chairman Barney Frank (Mass.), Rep. [read post]
10 Oct 2010, 7:00 am
JPMorgan and GMAC Mortgage followed suit while an array of other large lenders, including Citi, U.S. [read post]
9 Oct 2010, 11:21 am
Over at the New York Times, Ron Lieber has an article today with a new angle on the document problems that have caused mortgage lenders like GMAC Mortgage, JP Morgan Chase, and Bank of America to call a halt to foreclosure proceedings. [read post]
9 Oct 2010, 10:28 am
Consulting a Miami real estate lawyer is the best bet to protect your rights and the financial well-being of you and your family. [read post]
8 Oct 2010, 11:39 am
Morgan Chase, GMAC, PNC and Ally Financial Inc. postponed foreclosures in 23 states last week just as the foreclosure press was accelerated. [read post]
8 Oct 2010, 11:00 am
Cincinnati.com Wednesday morning reported that Ohio Attorney General Richard Cordray has filed a lawsuit against Ally Financial Inc. and its GMAC Mortgage division, alleging fraud that could involve hundreds of foreclosures in the state and asking for civil penalties of up to $25,000 for every violation of the state's consumer laws. [ See Press Release ] "Authorities in at least six other states [read post]
8 Oct 2010, 10:53 am
Morgan Chase & Co. and Ally Financial Inc. [read post]
7 Oct 2010, 9:55 pm
This protects buyers by guaranteeing they have clear ownership of the property and protects both the homeowner's and the lender's financial interests if a dispute over ownership came up. [read post]
7 Oct 2010, 2:29 pm
On October 6th, Ohio’s Attorney General Richard Cordray filed a lawsuit against GMAC Mortgage and its parent, Ally Financial Inc., accusing the loan servicer and its agents of filing fraudulent affidavits in an attempt to mislead courts in hundreds of Ohio foreclosures. [read post]
7 Oct 2010, 10:44 am
Ohio’s Attorney General has sued GMAC Mortgage and its parent Ally Financial Inc. alleging that GMAC, acting as a mortgage servicer, filed fraudulent documents during court proceedings in which GMAC was foreclosing on homes in Ohio. [read post]
6 Oct 2010, 9:08 pm
However, it occurs to me, and I’m no legal scholar, that GMAC should be able to get out of that one rather easily. [read post]
6 Oct 2010, 12:20 pm
” In a request for an investigation into questionable foreclosure practices by lenders, the lawmakers said that “the excuses we have heard from financial institutions are simply not credible. [read post]
6 Oct 2010, 6:21 am
These shortcut attempts, now discovered, have resulted in the halting of foreclosures in 23 states, including in areas of Florida: ” Bank of America, JPMorgan Chase, and Ally Financial (formerly known as GMAC) halted foreclosures in 23 states after employees admitted in sworn depositions that they didn’t verify information in thousands of foreclosure documents. [read post]
5 Oct 2010, 12:47 am
Our nostalgia for the Wild West may suffer as this occurs and no one is able to live a settled secure life anymore in the USA.Eloquent hyperbole, at very least.More on the developing mortgage foreclosure moratorium storyline is here and here:Seismic tremors ran through the financial industry last week as two banks--Ally Financial (formerly GMAC) and JPMorgan Chase--admitted to filing fraudulent documents in potentially hundreds of thousands of foreclosure cases. [read post]
2 Oct 2010, 7:26 am
The federal government has been the majority owner of GMAC since supplying $17 billion to prevent the lender’s failure during the financial crisis. [read post]
1 Oct 2010, 8:45 am
Our Massachusetts bankruptcy blog recently reported that GMAC Mortgage had stopped all foreclosure proceedings because of improper documentation. [read post]
