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Ally Financial's GMAC mortgage unit reviewing foreclosures in all 50 states

Ally Financial said Tuesday that its GMAC mortgage unit has hired legal and accounting firms to conduct independent reviews of its foreclosure procedures in all 50 states.

Ally's move comes just days after Bank of America expanded its freeze on foreclosure sales from 23 states that require a court order for an eviction to all states. Ohio's attorney general is suing the company alleging that it filed fraudulent affidavits in hundreds of cases.

Ally also said that foreclosure sale files nationwide will receive an additional review by a specialized team to ensure that home preservation procedures have been fully followed.

"Foreclosure is a very serious matter and only implemented when all other home preservation options have been fully exhausted. We are taking these additional steps to restore confidence in the process, which is critical for the stability of the home and mortgage industry," the company said in a statement.

The review and remediation activities related to cases involving judicial affidavits in the initial 23 states has been underway for about two months. As each of those files is reviewed, and remediated when needed, the foreclosure process resumes. GMAC Mortgage says it has found no evidence to date of any inappropriate foreclosures.

By Ariana Eunjung Cha  | October 12, 2010; 3:17 PM ET
Categories:  Housing  
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Next: White House: Administration will 'get to the bottom' of foreclosure problem

Comments

Reviewing process is not the issue. Fraud is the issue. And if you think any of these servicers are going to come back and say 'we have been very fraudulent over these many year', then you are nuts.

These reviews are more PR than anything. The state attorney generals have a better chance of making a review substantive.

Posted by: orrgroup1 | October 12, 2010 3:46 PM | Report abuse

Our house was illegally foreclosed by Citi Mortgage and its law firm, Brice Vander Linden & Wernick.

We found out today that the person who bought our house may be an employee of Brice Vander Linden & Wernick!!!

So, the law firm illegally foreclosed, then they didn't return the house to us, correct the title, return property they had removed or allow us back into our house.

And now it turns out that they may have gone and sold our house to an employee after they re-foreclosed -- even though the title wasn't clear when they reforeclosed since we weren't the legal owners. Citi Mortgage and Fannie were.

If this is all true, did Citi's law firm give preferential treatment to an employee to buy our house at a discount?! Did they get a Fannie loan to get the house that Citi, Fannie and Brice Vander illegally foreclosed on?!

Is this why Citi Mortgage and Brice Vander Linden were in such a rush to re-foreclose, even though we had asked for them to postpone the sale after the illegal foreclosure? So they could help an employee rip our house away from us?

How about a national investigation into these law firms?!

www.ourforeclosurestory.org

Posted by: bluebonnetsandbbq | October 12, 2010 3:47 PM | Report abuse

no one should be surprised by this debacle when considering these were the loans that DiTech brought us.
Maybe they should have hired the accountants and lawyers when they were giving these mortgages for only $395 each.
or maybe they did.

Posted by: doug39 | October 12, 2010 3:48 PM | Report abuse

A bank can change its name, but it can't change the rot that's at its core. The only way to stablize the banking industry and mortgages is to separate commercial banking from investment banking.

Posted by: ccs53 | October 12, 2010 4:02 PM | Report abuse

I would like to go through life being able to review my own past....no doubt I would judge myself perfect.

Posted by: Anonymous | October 12, 2010 4:09 PM | Report abuse

I think this whole conversation is just rich. Yes, there were a lot of people who bought houses they could not afford. But who loaned them the money to buy the house they couldn't afford? Could it be the same banks who then refused in many many cases to permit the homeowners to modify in any way and now, gee whiz, who are using fradulent practices to execute foreclosures? What are the banks going to do with all of these houses, most likely worth far less than the loan value and auctioned off for even less? These are the same people who are now boo hooing that a moratorium on foreclosures will negatively affect the housing market and the economy. This sounds like a one man disaster story to me -- and WE bailed them out?

This doesn't even mention the many illegal foreclosures on homes that weren't even in default or on homes purchased by honest people with honest wages whose income was suddently stripped away by the mess they caused. And now they want to ruthlessly foreclose? What is wrong with this picture?

Posted by: sassafrasnewport | October 12, 2010 4:11 PM | Report abuse

Slaves is what most Americans are. After reading the true information on toyota runaway org I agree. Folks if you visit that site you will see nothing has changed since Black Slavery Days and now we are all Slaves for the Bankers and we own nothing. Thanks toyotarunaway org for opening my eyes.

Posted by: Moley2 | October 12, 2010 4:30 PM | Report abuse

AS I have warned business clients over the the years, your relationship with the lender is most important. Don't finance with someone you do not trust. This is why in most cases local banks are best. Avoid loan brokers.

Posted by: peterroach | October 12, 2010 4:44 PM | Report abuse

The problem here isn't foreclosure, it's the way the loans were structured to being with. Why won't anyone in the media tell the truth about this, instead of just slavishly reporting what the banks are telling them.

The lenders/servicers/nominees, etc. can "review" foreclosures from now until doomsday, and that won't change the fact that most of these loans were based on false, fraudulent or otherwise illegal documentation TO BEGIN WITH, and, therefore, the parties initiating foreclosure proceedings HAVE NO RIGHT TO DO SO.

It's kind of like receiving stolen goods. No matter how many hands the property goes through, or how thoroughly documented the sales are, nothing changes the fact that the property was stolen to begin with, and after it was stolen, no one had the right to buy or sell it.

Posted by: Anonymous | October 12, 2010 4:50 PM | Report abuse

Any homeowner who defaulted on their loan was subject to foreclosure.

No lending institute will foreclose on a property that is current with mortgage payments.

All the investigations will reveal the same thing with each and every loan - the homeowners defaulted on their loans and lost their homes.

The crime is that the rest of Americans whose mortgages are current (85% - 90%) are stuck with the billions of dollars bill to reward homeowners who defaulted on their loans and now complaining because the lenders are holding them accountable for their contractual commitment.

Heaven forbid we should hold people accountable for their commitments.

So, what will happen -- Homeowners are exempt from making payments for however many months it takes to conduct the investigations ... while the rest of us are expected to continue making payments on time, every month.

Housing values will be suspended which will further delay the "correction" necessary to move forward.

And Obama and the Democrats will stand before the media cameras and tell the viewing audience how much they love the down trodden and are there for them - no matter how much it costs the rest of us.

If you defaulted on your mortgage loan, suck it up and accept the consequences. Stop sticking it to the rest of Americans.

Posted by: asmith1 | October 12, 2010 6:17 PM | Report abuse

Our house was illegally foreclosed by Citi Mortgage and its law firm, Brice Vander Linden & Wernick.

Posted by: bluebonnetsandbbq
======

Tell us bluebonnet - how far behind on your payments were you before Citi started the foreclosure process on your home - one month, two months, four months?


Posted by: asmith1 | October 12, 2010 6:28 PM | Report abuse

Some of these mortgages must be owned by bond holders who bought aaa rated bonds which turned out to be junk.
I would be interested in how many forclosed homes go to investors..
When Country Wide was sold the majority of its loan portfolio had been sent to the wizards of Wall Street who turned them into AAA bonds which were then sold around the world.

Posted by: JillCalifornia | October 12, 2010 6:29 PM | Report abuse

We are the victims of illegal loan practices and predatory lending. Our loans were fraudulently set up by a loan broker and mortgage company and sold immediately. Our loan servicer, GMAC, refuses to comply with our requests to let us know the details of the transaction so that our lawyers can go after the criminals involved. GMAC's tactic is to ignore us until we have no more money and then foreclose. All the federal agencies know about this case as does the AZ attorney general but no one will help us. Why are the banks allowed to get away with fraud? The press needs to tell this story, there are many people in this situation.

Posted by: bya1 | October 12, 2010 6:34 PM | Report abuse

Since work has dried up in my Construction business for the last 3 years I found it unable to make the payments on my Mortgage for the last year. When things were better I had a line of credit through the same bank that holds the paper on my home.Wells Fargo is my Company Store. I approached them on numerous occasions to lower my interest rate. They would have me send an application and time and time again deny my request. I finally realized there was no motivation for them to do anything for me. Now Wells Fargo there is no motivation for me to square up with you even if I could. The house is upside down and like any businessman or Wall Street Investment man it's smart business to walk. I'm getting a certain amount of satisfaction from burning them.

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Posted by: 1561705755 | October 12, 2010 8:37 PM | Report abuse

Why doesn't the Obama Administration review Ally's justification for its existence? In the meantime, every evicted homeowner whose foreclosure was questionable should be allowed to move back in until the reviews are complete and they successfully prove the foreclosure was legit.

Posted by: Anonymous | October 12, 2010 11:42 PM | Report abuse

The White House and Congress can not let these tricksters get away with imposing these self-moratoriums. They are just ploys to give them time to expedite more foreclosures, without being investigated. If the government is not going to take the loans and refinance them for the citizens they want to pay mortgages and keep their homes, then the government needs to mandate a National Foreclosure Moratorium and get to the bottom of this massive fraud. The solution is certainly not creating a million more homeless people.

Posted by: awesomelm | October 12, 2010 11:44 PM | Report abuse

to bluebonnetsandbbq:

I went to your website and read your story. It is confusing and rambling but fails to give any evidence of wrongdoing on the part of Citibank or the buyers of your former house. On the other hand , it sounds like you did not get an attorney to represent you , even though you knew you were behind in your payments . You chose to represent be your own attorney and forgot that old rule: he who represents himself has a fool for a client. Texas foreclosure laws are complicated and vary according to the loan. this was another reason to get a lawyer. Finally if there was truly fraud in the sale of your home there are plenty of lawyers in Texas who would be eager to sue CITI, Fannie Mae and any others involved. however you have not done this and instead choose to whine about your experience online. Bottom line - your story lacks credibility in spite of the sentimental pictures .

Posted by: Anonymous | October 12, 2010 11:49 PM | Report abuse

If the GOP guaranteed that they would pursue to prison each of those highly compensated financier executives who have committed fraud upon fraud to enrich themselves then I would vote GOP in November. Alas, I doubt the GOP would be so foolish as to bite the hands that feed them. A bank can defraud a series of credulous lying borrowers, appear to be open and above board, when just the opposite is true, and foreclose with fraudulent documents simply because using fraudulent documents is 1) convenient, 2) necessary as the real documents have been lost in the process of the previous fraud, and 3) government regulators are unlikely to make a fuss. Ordinary men lying to a court go to prison. Wealthy men lying to a court get rich. The Founding Fathers would weep.

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