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Tag Archives: GMAC

Judge Tosses Two Charges Against GMAC in Maine Foreclosure Case

A federal judge has dismissed two charges in a class action lawsuit brought against GMAC Mortgage on behalf of Maine homeowners filed after GMAC's concession that some foreclosure legal documents had been used without following proper procedures. District Judge D. Brock Hornby granted GMAC's motion to dismiss the homeowners' allegations of abuse of process and fraud. One count is still pending in the case, in which the plaintiffs are accusing GMAC of violating the Maine Unfair Trade Practices Act, but an attorney for the homeowners said he expects that to be thrown out also.

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Servicers Face New Rules, Penalties for Foreclosure Processing Mistakes

When evidence surfaced last fall of flawed foreclosure documentation and robo-signers within some of the nation's largest servicing shops, federal regulators launched an investigation into the foreclosure and servicing practices of 14 companies. Officials say they've uncovered ""critical deficiencies and shortcomings"" and will be enforcing sanctions and penalties against servicers and developing a set of national mortgage servicing standards for the industry.

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Moody’s Takes a Closer Look at the Dynamics of Mortgage Re-Defaults

Moody's Investors Service studied two million loans backing residential mortgage-backed securities (RMBS) pools and found that a loan that is modified and then reported as current is three times as likely to default over the ensuing twelve months as a current loan that has not been modified. The agency's also put the practices of eight major servicers under the microscope. It found that six-month re-default rates vary considerably, from 20 percent for Citi and Litton to 33 percent for Bank of America.

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Ally Financial Reports $1.1B Profit for 2010

Ally Financial, the parent company of GMAC Mortgage, said Tuesday that it brought in net income of $1.1 billion for the full-year 2010, a sharp turnaround from the $10.3 billion net loss recorded for 2009. During the fourth-quarter period of last year, the company posted a profit of $79 million, compared to a net loss of $5 billion for the fourth quarter of 2009. The company's financial sheet turned from red to black largely due to gains in its mortgage operations.

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Bank of America and Wells Fargo Most Sued Banks in 2010

A recent report by Institutional Risk Analytics (IRA) says Bank of America and Wells Fargo are two of the most sued financial service firms in the United States. IRA says that mortgage exposure is what is causing these two banks and others in similar situations to be embroiled in so many federal legal cases. In addition, the firm points to the added burden many of these companies are also facing in litigation that will not reach federal court, such as cases involving foreclosure practices.

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HOPE NOW Celebrates 4 Years, Releases November Data

The HOPE NOW industry alliance completed its fourth year in existence in 2010. The organization's latest market report estimates 1.65 million homeowners received permanent loan modifications from January to November 2010. The organization says it plans to be even more aggressive in its outreach efforts to distressed homeowners this year. Going forward, each of its members will participate in one major outreach event per month, in regions that have been most heavily affected by the mortgage and foreclosure crises.

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Attorneys General Close to Making Agreements with Top Five Servicers

There has been no shortage of reports of state attorneys general seeking accountability from servicers that they allege mishandled foreclosures. Now it's being reported that attorneys general in all 50 states are near to reaching settlements with the nation's top five mortgage servicers, including Bank of America and GMAC Mortgage. The states are looking to develop separate agreements, rather than one encompassing settlement; and they plan to pursue a civil investigation rather than a criminal one.

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Ally Financial Reaches $462M Settlement with Fannie Mae

Ally Financial announced that its mortgage unit, Residential Capital (ResCap), and some of its subsidiaries have reached an agreement with Fannie Mae to resolve potential repurchase exposure for breaches in selling representations and warranties. The $462 million settlement releases ResCap and its subsidiaries from liability related to about $292 billion in principal unpaid balances. It covers loans serviced by GMAC Mortgage and any mortgage-backed security that Fannie Mae purchased prior to the settlement.

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GMAC May Resume Foreclosures in Maine, Judge Says

A judge last week declined to issue a temporary restraining order against GMAC Mortgage's foreclosure and eviction procedures in Maine. This decision frees the mortgage servicer to proceed with foreclosure sales and evictions it had temporarily halted as part of an agreement with Maine Attorney General Janet Mills in November.

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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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