As Predicted, Ally Bankruptcy Will Delay Loan Modifications, Settlement Actions for Borrowers

By: Monday May 21, 2012 8:16 am

When Ally Financial’s mortgage unit Residential Capital filed for bankruptcy last week, I had an inkling it would spell trouble for the foreclosure fraud settlement the parent company signed with state and federal regulators. How would individuals get loan modifications in the midst of a bankruptcy proceeding? Sure enough, the New York Post, which actually [...]

Petty GMAC Mortgage Stops Most of Its Lending in Massachusetts

By: Friday December 2, 2011 12:15 pm

Martha Coakley’s lawsuit against big banks for foreclosure fraud has already had one dramatic consequence. GMAC Mortgage, the lender for Ally Bank, and one of the five banks named in the lawsuit, has pulled out of Massachusetts. And they’re being really whiny about it: The nation’s fifth-largest mortgage originator said it “has taken this action [...]

Tammy Baldwin Introduces Resolution Against the Foreclosure Fraud Settlement

By: Thursday November 3, 2011 8:15 am

With a potential settlement in the foreclosure fraud case anticipated soon, Wisconsin Congresswoman Tammy Baldwin has introduced a resolution expressing opposition to any deal that immunizes banks for criminal misconduct. Obviously this isn’t the type of resolution that John Boehner will rush to the floor. But if it starts to raise consciousness, and can be [...]

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