The foreclosure-gate crisis isn’t just a legal/cost headache for the banks. It’s actually starting to impact the housing market, which means it’s about to be everyone’s nightmare. The New York Times has found specific anecdotal examples of people who thought they were about to move into a home that they had bought, only to find [...]
about 3 days ago - No commentsThe problems associated with a clogged foreclosure system continue to mount. Foreclosures in 23 states have been halted by major banks after allegations surfaced of various illegal practices. PBS has a video discussion of some of the issues in ‘Robo-Signing’ Paperwork Breakdown Leaves Many Houses in Foreclosure Limbo Ohio Seeks $25,000 for Every Violation WCPN [...]
about 3 days ago - No commentsState Attonery Generals have been raising a ruckus over the foreclosure document fraud since late last month. Now, Ohio Attorney General Richard Cordray specifically names Jeffrey Stephan, GMAC’s alleged robo-signer, as a defendant, targeting him for fraud. Go to Source @import ‘http://heyzap.com/elightbox/lightbox.external.css’; var heyzap_link = new Heyzap(‘heyzap_games’, {“embed_key”: “d673fbb81e”}); Play games on Finance Blog
about 4 days ago - No commentsOhio Attorney General Richard Cordray filed a lawsuit Wednesday against GMAC Mortgage, now known as Ally Financial, alleging the the loan servicer and its agents filed fraudulent foreclosure affidavits to mislead courts in hundreds of Ohio cases. Cordray is the first attorney general to take civil action against the financing firm since allegations surfaced that [...]
about 4 days ago - No commentsOhio Attorney General Richard Cordray plans to announce a lawsuit against a national mortgage company, alleging fraud that could involve hundreds of foreclosures in the state. His office declined to name the servicer ahead of Wednesday’s announcement. Last week, he asked Ohio judges to review GMAC Mortgage foreclosure cases. Ally Financial Inc.‘s GMAC Mortgage division [...]
about 1 week ago - No commentsThe hottest story in housing right now is the brewing foreclosure crisis seen at places like JPMorgan and Ally, both of whom have halted foreclosures after having found significant flaws in their paperwork and processes. The NYT discusses the obvious implications: Evictions are expected to slow sharply, housing analysts said, as state and national law [...]
about 1 week ago - 1 commentNEW YORK (Reuters) – Fallout over GMAC Mortgage‘s foreclosure practices deepened on Tuesday as Ohio’s top law enforcement official asked courts in that state to review all foreclosure cases involving the Ally Financial Inc unit. Richard Cordray, the state’s attorney general, said he made his request after GMAC last week acknowledged that some employees were [...]
about 1 week ago - No commentsThe Ohio Attorney General Richard Cordray and Colorado AG John Suthers joined five other states in a review of the GMAC Mortgage, now Ally Financial, foreclosure issue. Cordray sent a letter to Ohio judges this week requesting state courts make a special review of all foreclosure cases involving GMAC Mortgage, and Suthers sent a letter [...]
about 1 week ago - No commentsThe recent admission by a major mortgage lender that it had filed dubious foreclosure documents is likely to fuel a furor against hasty foreclosures, which have prompted complaints nationwide since housing prices collapsed. Lawyers for distressed homeowners and law enforcement officials in several states on Friday seized on revelations by GMAC Mortgage, the country’s fourth-largest [...]
about 2 weeks ago - 1 commentVideo-rental chain Blockbuster filed for bankruptcy protection Thursday morning in Manhattan. Deal Journal has combed through Blockbuster’s court filings for key details about the company, and how it got into this mess. Go to Source @import ‘http://heyzap.com/elightbox/lightbox.external.css’; var heyzap_link = new Heyzap(‘heyzap_games’, {“embed_key”: “d673fbb81e”}); Play games on Finance Blog
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