Regulator Indifference Seen at JPMorgan Chase, Ally Financial

By: Saturday May 26, 2012 8:55 am

Housing Wire reports on bank attorneys preparing for “showdowns” with the RMBS working group on fraud cases. Well, they have to justify their billings to their bosses, don’t they? The reality of whether banks should sweat the investigation is far less clear. In fact, we have more information from a couple sources today that suggest [...]

Bankruptcy of Ally Mortgage Unit Raises Questions About Foreclosure Fraud Settlement

By: Monday May 14, 2012 1:41 pm

Ally Bank, formerly known as GMAC Mortgage, the nation’s fifth-largest mortgage servicer, put its mortgage subsidiary Residential Capital into bankruptcy. This is part of a continuing effort on the part of Ally, which is still majority-owned by the US government, to escape its mortgage liabilities. But what does it mean for the foreclosure fraud settlement, [...]

Ally Comes Crawling Back to Massachusetts

By: Thursday March 15, 2012 6:55 am

Remember after Martha Coakley sued leading banks for illegal foreclosures in Massachusetts, when Ally Bank, one of the market leaders, stopped most of their lending in the state in a fit of pique? They actually only dropped their correspondent lending business, where a smaller bank does the origination and they pick up the loan later. [...]

Foreclosure Fraud Settlement Docs (I): Ally’s Side Deal

By: Tuesday March 13, 2012 7:00 am

I spent last night reading most of the foreclosure fraud settlement documents that were filed in federal court in DC yesterday. I’m going to lay out my findings in a series of posts. Let’s take a look at the penalties being paid to the states. There’s a discrepancy between the numbers initially contemplated to be [...]

Ally Financial Says “All Good” on Robo-Signing

By: Tuesday February 1, 2011 2:02 pm

Earlier today, Al Franken said he inquired to Ally Financial about their robo-signing difficulties and got a form letter for his trouble. “It’s nice to see,” Franken quipped, “that Ally doesn’t treat homeowners any worse than they treat a Senator.” Franken could just read the paper today and find out that Ally went and fixed [...]

FHFA Nets $3.3 Billion in Repurchase Settlements

By: Monday January 3, 2011 11:59 am

The FHFA, the regulator for the GSEs (Fannie Mae and Freddie Mac), today approved a series of three settlement agreements between the GSEs and two counterparties, Bank of America and Ally Financial, that will see the banks pay $3.3 billion dollars in all to settle repurchase claims on bad loan agreements. Under FHFA Administrator Ed [...]

As Bank-Imposed Foreclosure Suspensions Continue, Criminal Investigations Offer Leverage for Loan Mod Deal

By: Wednesday October 13, 2010 7:13 am

Ally Financial (the parent company of GMAC Mortgage) expanded their review of their foreclosure processes to all 50 states, the second mortgage servicer to do so after Bank of America. It’s assumed but also a bit unclear whether this means they’re halting evictions or other foreclosure operations, though they provide this statement: “Foreclosure is a [...]

Ohio AG Richard Cordray: “What we’re seeing is a systematic fraud on the courts of Ohio”

By: Friday October 8, 2010 9:46 am

Late yesterday, I had the opportunity to speak with Richard Cordray, Ohio’s Attorney General, who became the first to sue a mortgage lender over incidents of foreclosure fraud. The lawsuit against GMAC Mortgage and its parent company Ally Financial seeks damages for individual violations of fraudulent documentation of up to $25,000 per incident, additional restitution [...]

Ohio Attorney General Sues GMAC, Seeks $25,000 Per False Affidavit

By: Wednesday October 6, 2010 1:13 pm

This is big news. I just got off a conference call with Richard Cordray, the Attorney General for the state of Ohio. He has filed a lawsuit in Lucas County (Toledo) Common Pleas Court against GMAC Mortgage and their parent company Ally Financial, in a suit which names Jeffrey Stephan, the infamous “robo-signer” who signed [...]

Maine Homeowners Sue GMAC Over Foreclosure Fraud

By: Saturday October 2, 2010 9:10 am

Yesterday, five homeowners in the state of Maine filed a class action suit against GMAC Mortgage, accusing them of filing knowingly false certifications for foreclosure, and false affadavits which back up the documents. Maine is one of the 23 states where judicial sign-off is required to move ahead with a foreclosure, and where GMAC (now [...]

56,000 Foreclosures in Limbo as JPMorgan Chase Reviews Documents

By: Thursday September 30, 2010 6:50 am

As I mentioned yesterday, JPMorgan Chase, one of the nation’s largest banks, has suspended all its foreclosures in states that require judicial approval, while it reviews the foreclosure documents. We have some more information on that today. This affects a total of 56,000 foreclosures, and the reason is exactly the same as Ally Financial/GMAC’s freeze: [...]

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