Ally Financial, formerly GMAC Mortgage, suspends foreclosures in 23 states GMAC Mortgage, a unit of Ally Financial Inc., said Tuesday that it has enlisted legal and accounting firms to conduct independent reviews of its foreclosure procedures in all 50 states. GMAC has.
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Ally Financial as well as Bank of America and JPMorgan Chase have suspended foreclosures in twenty-three states after admitting to authorizing foreclosure affidavits and other documents without.
Foreclosure Moratorium: Another Fly in the Housing Ointment Following GMAC’s (Ally Financial) announcement that it was suspending foreclosures in states that follow a judicial foreclosure process, JPMorgan Chase, PNC Financial and Bank of America have followed suit (with Bank of America suspending foreclosures in all 50 states).
So far, the five banks–Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial–have provided $50.63 billion in consumer relief to over 621,700 borrowers, according to an.
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The bank’s decision will affect 56,000 borrowers in. Connecticut and Illinois – have called for a moratorium on all foreclosures initiated by Ally, while attorneys general in seven other states.
· attorney general martha coakley called for a moratorium on Massachusetts home foreclosures yesterday in a letter to four major lenders, saying she.
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Major lenders such as Bank of America and Ally Financial’s GMAC unit have halted foreclosure actions in states that require foreclosures to go through the court system, as they do in Pennsylvania.
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