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, [...]

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 [...]

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 [...]

10,000 GMAC Foreclosures Stopped in Maryland

By: Sunday January 16, 2011 7:00 am

In a major ruling Friday, a coalition of nonprofit defense lawyers and consumer protection advocates in Maryland successfully got over 10,000 foreclosure cases managed by GMAC Mortgage tossed out, because affidavits in the cases were signed by Jeffrey Stephan, the infamous GMAC “robo-signer” who attested to the authenticity of foreclosure documents without any knowledge about [...]

Banks Resume Foreclosure Sales

By: Monday December 13, 2010 8:16 am

Just in time for Christmas*, banks have cranked up the foreclosure machine and resumed many of their practices. After concerns about robo-signing and illegal foreclosure operations in state courts, banks are shrugging this off. Bank of America will go back to foreclosure sales, expecting to sell 16,000 this month. “We have identified areas of our [...]

MBS Investors Get Themselves Organized for Repurchase Lawsuits

By: Tuesday October 19, 2010 8:02 am

GMAC Mortgage is following the lead of Bank of America, assuring the public about independent reviews and returning to the foreclosure process in the 23 judicial states when those reviews are completed. They continue the party line of all servicers that they have “found no evidence to date of any inappropriate foreclosures.” This flies in [...]

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 [...]

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