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Tag Archives: GMAC

Standard & Poor’s Announces Servicers Must Prove Compliance

Ratings agency Standard & Poor's says mortgage servicers must provide documentation that their foreclosure processes are in compliance with foreclosure laws, or risk receiving a revised outlook or rating from the company. Many mortgage servicers have been under scrutiny recently because of reports of ""robo-signing."" S&P says it expects all residential servicers in its Select Servicer program to prove their compliance with proper foreclosure affidavit procedures by the end of first quarter of 2011.

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Bank of America Gets Low Marks for Delinquency Resolution

The time mortgage loan servicers take to resolve delinquent loans through modification or foreclosure varies widely. According to an analysis by Moody's Investors Service, Bank of America has demonstrated the weakest performance measured both by its speed in resolving the status of delinquent loans and by its proportion of delinquent loans that have yet to be resolved. The ratings agency found that GMAC Mortgage, on the other hand, has generally performed better than its peers.

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Fannie and Freddie Restart Frozen REO Sales

Fannie Mae and Freddie Mac have instructed their selling agents to move forward with transactions involving foreclosed properties in cases where sales were suspended due to potential problems with the legal paperwork. The GSEs were forced to temporarily halt the sale of certain properties when news surfaced that some of the nation's largest servicers had been employing so-called robo-signers. Now that case reviews have uncovered no evidence of improper foreclosures, Fannie and Freddie are moving to proceed with REO sales.

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GMAC and Bank of America Agree to Halt Foreclosure Sales in Maine

Maine attorney general Janet T. Mills announced last week that negotiations with GMAC Mortgage LLC and Bank of America had resulted in a temporary halt in foreclosure sales in the state. The two lenders have agreed not to proceed to judgments on any pending matters in Maine until they have completed an internal review of their foreclosure procedures and discussed the procedures with the attorney general.

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ForeclosureRadar Sees Impact of Suspensions in West Coast States

The headline foreclosure news for the past couple of months has been the suspension of foreclosures by a handful of lenders after robo-signers and procedural deficiencies were uncovered in their servicing shops. The foreclosure tracking firm ForeclosureRadar says while the announcements initially focused on 23 judicial foreclosure states outside of the company's coverage area, GMAC, PNC, and Bank of America all later expanded their suspensions, and the impact is now beginning to show up in non-judicial West Coast states.

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American Home Mortgage Servicing Names New President and CEO

American Home Mortgage Servicing, Inc. (AHMSI) has named David M. Applegate as its new president and CEO. He succeeds David M. Friedman, who is retiring. Applegate is a 20-year veteran of the mortgage and banking industries. During his 17-year career at General Motors Acceptance Corporation (GMAC), he led both GMAC Mortgage and GMAC Bank.

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Wells Fargo Ranked Top Mortgage Originator, BofA Largest Servicer

Industry data released Monday shows that the biggest originator of home loans is based on the West Coast, while the biggest mortgage servicer is based on the East Coast. With more than $100 billion in new home loans, Wells Fargo held onto the top spot among mortgage originators during the third quarter of this year. Bank of America took the lead spot in the mortgage servicer rankings, with just over $2 trillion in residential home loans in its servicing portfolio as of September 30th.

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JPMorgan Chase to Restart Suspended Foreclosures

JPMorgan Chase says it will re-file affidavits for some 127,000 foreclosures that have been on hold because of ""robo-signing"" issues. According to a company official, the resubmission of corrected documentation should begin by mid-November and will take at least three to four months to complete. The bank says it risks losing a couple million dollars each month the foreclosure proceedings are delayed. Reviews have confirmed that all foreclosure decisions have been based on materially accurate information, according to JPMorgan.

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Ally CEO: We ‘Screwed Up’ and We’re ‘Embarrassed’ over Robo-Signers

Ally Financial's GMAC Mortgage subsidiary was the first major servicer to announce a foreclosure freeze after finding problems in its procedures that led to errors in legal affidavits. In the words of Ally's own CEO, ""We had a robo-signer affidavit problem. We're embarrassed about it and we fixed it. We'll be the first to say we screwed up."" The company reported a $269 million profit for the third quarter on Wednesday, and said it's decided not to sell its ResCap mortgage unit.

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Wingspan Portfolio Advisors Hires Former GMAC Exec for VP Position

Wingspan Portfolio Advisors recently hired Brad Young as VP of business development. In this newly created role with the company, Young is responsible for building new specialty servicing relationships with primary servicers, banks, investment banks, public equity firms, hedge funds, and other mortgage industry investors nationwide. Young spent 10 years with GMAC Residential Funding Corporation, where he was director of business development in the principal investment group.

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