Home / Tag Archives: GMAC (page 2)

Tag Archives: GMAC

Loan Modifications Are on the Decline: Moody’s

As robo-signing reviews reach completion, servicers are beginning to work through some of their foreclosure backlogs, according to a third-quarter report from Moody's Investors Service. At the same time, the ratings agency found that loan modifications are on the decline. Servicers are now turning to loss mitigation alternatives such as short sales and deeds in lieu, Moody's says. The agency is also forecasting longer timelines this year to move properties from foreclosure sale to REO liquidation.

Read More »

Treasury to Withhold Foreclosure Prevention Incentives from Two

The U.S. Treasury said Wednesday that it will continue to withhold incentives from JPMorgan Chase and Bank of America for modifications, short sales, and deeds-in-lieu completed through government programs. JPMorgan is the only servicer participating in Treasury's Making Home Affordable program that was determined to need ""substantial improvement"" in complying with program guidelines during the third quarter. Bank of America moved up a notch on the assessment scorecard to needing only ""moderate improvement.""

Read More »

GMAC Counters Lawsuit with Decision to Pull Lending in Massachusetts

Ally Financial's GMAC Mortgage says it will stop doing business with third-party lenders in Massachusetts. The announcement was made just one day after the state's attorney general said she is suing GMAC and four other mortgage servicers over documentation and recording errors related to foreclosures. Effective Monday, December 5, GMAC will cease purchasing new mortgage loans in the state that are originated by correspondent lenders and wholesale brokers.

Read More »

Massachusetts Sues Five Largest Servicers and MERS

Disenchanted with the lack of progress made after a year of negotiations between state attorneys general and the nation's five largest mortgage servicers, Massachusetts Attorney General Martha Coakley has split from the pack and filed her own individual lawsuit. Coakley is suing Bank of America, Wells Fargo, JP Morgan Chase, Citi, and GMAC for what she says were ""illegal foreclosures."" The suit also names Mortgage Electronic Registration System, Inc. (MERS) and its parent company as defendants.

Read More »

Ally Takes Exception to Settlement Proposal

Ally Financial's CEO Michael Carpenter told investors Wednesday that his company ""would not settle for the kind of numbers being bandied about"" as recompense for mishandled foreclosure paperwork. Ally's GMAC Mortgage was the first servicer to admit to robo-signing issues and affidavit errors related to foreclosure processing last fall. Analysts estimate the company could be on the hook for $2.5 billion of state attorneys general's $25 billion settlement proposal. Carpenter says it should be a ""small fraction"" of that amount.

Read More »

State Attorneys General and Servicers Set to Strike $25B Settlement

State attorneys general and the nation's five largest mortgage servicers could be within weeks of reaching a $25 billion agreement to settle allegations that foreclosures were improperly processed. Details of the settlement terms obtained by DSNews.com indicate that individual servicer penalties will be based on the number of foreclosures they've completed. Collectively, $5 billion would come in the form of cash fines and $20 billion would be satisfied with principal-reducing modifications and refinancing for underwater borrowers.

Read More »

States and Servicers Consider New Proposal for Aiding Those Underwater

Help for underwater homeowners has moved from principal writedowns to refinancing in the settlement negotiations between state attorneys general and the nation's five largest mortgage servicers. According to a widely circulated report, the proposal made its way into the talks last week. Borrowers who are current on their mortgage payments but owe more than their home is worth would be able to refinance at today's lower rates. The main caveat is that the loan must be owned, not just serviced, by one of the five banks.

Read More »

Moody’s: Citi, GMAC, Ocwen Perform Well

Amid a challenging environment for servicers, CitiMortgage, GMAC, and Ocwen have outperformed major competitors with regards to loss mitigation and foreclosure timelines, according to a recent report from Moody's Investors Service. The company's Servicer Dashboard rates major servicers on their performance from June 2010 to June 2011. Moody's notes that Bank of America's and Chase's performance assessments were affected by large servicing acquisitions and foreclosure moratoria.

Read More »

GMAC Extends Default-Deterring Incentives to VA Homeowners

GMAC Mortgage has teamed up with the Loan Value Group, LLC on a pilot program that provides financial incentives for borrowers with VA loans to remain current. GMAC is offering Loan Value Group's Responsible Homeowner (RH) Reward program to a group of Veterans Administration (VA) customers who are current on their mortgage payments but have seen a significant decline in the value of their homes. The program returns a portion of their lost equity in exchange for continued, timely mortgage payments.

Read More »

New Jersey Lifts Its Final Foreclosure Ban

New Jersey's Superior Court has lifted the last of six injunctions handed down late last year, giving Ally Financial and its GMAC Mortgage unit the go-ahead to resume foreclosure actions in the state. The Superior Court judge issued an order this week stating that GMAC had demonstrated the ""reliability of its processes"" and is ""permitted to resume prosecution of uncontested foreclosure proceedings."" Five other servicers were given the green light to begin the regular order of processing foreclosures in the state last month.

Read More »

Your Daily Dose of DS News

Get the news you need, when you need it. Subscribe to the Daily Dose of DS News to receive each day’s most important default servicing news and market information, absolutely free of charge.