GMAC Foreclosures Investigated By State Attorneys General

Bloomberg:

Attorneys general in three U.S. states are investigating foreclosures at Ally Financial Inc.'s GMAC Mortgage unit after the lender said it would halt some evictions following a discovery of faulty documentation.

Read the whole story: Bloomberg

Comments

[schatsie]

09:36 PM on 09/26/2010

GMAC owns my mortgage, they bought it in 2003, that is what they told me.......But I did not actually purchase this home until 2006...what goes?

[Julie-Ann Amos]

11:21 AM on 09/26/2010

It seems to me the banks, the people and the economy would all be a whole lot better off if the banks would actually start working with homeowners to resolve issues. Foreclosure sales are netting banks big losses yet they continue to foreclose to the detriment of their reputations and the bottom line. They could learn a lesson or two from this piece (http://www.upyourservice.com/video-theater/get-better-results-through-alignment-of-effort-not-through-greater-effort).

[ugly american]

09:32 AM on 09/26/2010

Anyone smell a scam for banks to try to own every peice of property in America? They already cleaned out the treasury, so trying to take all the real property is the logical next step.
Until and unless this is straightened out, there should be a moritorium on foreclosures. There have been at least two instances of "rob-signing" of foreclosures found just this week.
It would be easy to assume that ALL bank and finance companies do it this way. This is the point where we should stop it unless they can prove they are on the level.
They have been refered to as "banksters" for VERY good reasons.

[Raccoon1]

10:00 AM on 09/26/2010

I don't think they want to own it for long - they're not in property management. But, if they can make a buck turning it over to foreign interests for a profit.................