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Tag Archives: GMAC

Paperwork Missteps to Prolong Foreclosure Crisis in Certain States

Three major mortgage lenders have halted foreclosures in states where the process is handled through the court system after suspicions surfaced that employees did not follow legal procedures in preparing the required documentation. These paperwork problems are widely expected to draw out the already devastating foreclosure crisis in the affected areas. We've dug a little deeper to provide a list of the states where judicial foreclosures are the standard and that are most likely impacted by the foreclosure suspensions announced.

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Bank of America Suspends Foreclosures in 23 States

The nation's largest bank has halted foreclosures in certain states after evidence was disclosed that it too had ill-famed ""robo-signers"" rubber-stamping approvals of foreclosure cases without verifying their validity. Bank of America has placed foreclosure actions in 23 judicial states on hold while it determines if the paperwork was processed correctly and affidavits by staff members were indeed legitimate. BofA is the third major mortgage lender in two weeks to call for a foreclosure freeze.

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OCC Orders Largest Servicers to Review Foreclosure Processes

One of the nation's foremost banking regulators has issued a directive to large mortgage servicers, ordering them to reassess their procedures for foreclosing on defaulted borrowers. John Walsh, head of the Office of the Comptroller of the Currency (OCC) told lawmakers that he contacted seven institutions his agency supervises, after several large lenders announced a halt on foreclosures in states where filings might contain erroneous paperwork and preparers may have broken the law in their haste to process large volumes of cases.

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Analysts Weigh in on GMAC’s Foreclosure Snafu

Last week, GMAC Mortgage called for a halt on foreclosures and REO sales in 23 states that may have been impacted by an internal procedural error. The incident could give cause for homeowners to file lawsuits against the lender, bondholders could be impacted, and the problem could reach beyond just GMAC since it also services mortgages for other firms, including the GSEs. A number of analysts have since weighed in on GMAC's foreclosure snafu. Attorneys general in several states are also launching their own investigations.

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GMAC Calls News of Its Foreclosure Moratorium Untrue Speculation

It was reported by Bloomberg Monday that Ally Financial's GMAC Mortgage had ordered its brokers and agents to halt foreclosures and REO sales on homeowners in 23 states. The company has denied the rumored foreclosure moratorium, calling it ""untrue speculation."" GMAC says an internal procedural error may cause some delays for foreclosures already in process, but all new foreclosure actions are ""continuing in the ordinary course of business with no interruption.""

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REOs the Topic du Jour in Washington

Neighborhoods across the country are riddled with empty bank-owned homes and unoccupied foreclosures that erode neighboring property values and open the door for blight and criminal activity. The nation's glut of vacant REOs took center stage in Washington Wednesday. HUD announced a new nationwide REO ""First Look"" program, in partnership with the nation's largest mortgage lenders, and it was the first of a two-day Federal Reserve summit to examine the community impacts of foreclosed and vacant properties.

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GMAC, Under New Ally Name, Turns $565M Profit

Ally Financial, the new face of GMAC Inc., reported Tuesday that it posted net income of $565 million for the second quarter of 2010. That compares to a net loss of $3.9 billion for the second quarter of 2009. The company's mortgage operations, which include Residential Capital (ResCap), turned a Q2 profit of $230 million. That's up from net earnings of $156 million the previous quarter and a loss of $1.3 billion a year earlier. Ally attributed the income increase to improved performance in the origination and servicing business and gains on the sale of legacy mortgage assets.

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