GMAC foreclosures

Bank of America Resumes Foreclosure Process in 23 States

Bank of America (BAC) is preparing to resume foreclosures in 23 states, just 10 days after halting the foreclosure process on properties in all 50 states. The foreclosure halt came amid concerns that company executives may have signed documents without properly verifying them.

Ohio Attorney General Files Lawsuit Against GMAC Mortgage

The state of Ohio filed a lawsuit against GMAC Mortgage, alleging that the lender used fraudulent affidavits and documents to mislead courts in proceedings related to home foreclosures. Attorney General Richard Cordray said GMAC Mortgage%u2019s parent Ally Financial had taken actions that raise questions about the legitimacy of foreclosures in 22 states including Ohio, USA Today reported.

The Foreclosure Mess: Are Cram Downs the Only Answer?

Wells Fargo still won't admit it, but its employees' testimony makes it clear that, like GMAC, JPMorgan Chase, Bank of America and OneWest Bank, they have a problem with their foreclosure documents. But the solution isn't just a better documentation process: It's time to bring back cram downs.

Robo-Signing: Looks Like Citi and Wells Fargo Do It, Too

Several big banks have admitted that their employees routinely sign scads of foreclosure documents without verifying their information. Wells Fargo and CitiMortgage have denied engaging in similar practices. Yet new evidence shows they do.

JPMorgan Chase to Delay Some Foreclosures to Review Documents

JPMorgan Chase & Co. will delay foreclosing on some properties in order to review affidavits that were signed by employees who didn't verify related files, making the company at least the second bank in recent weeks to suspend the foreclosure process on properties in order to better examine documents.

JPMorgan Chase Falsified Foreclosure Documents Too

The problem of faulty foreclosure documents isn't limited to GMAC: A JPMorgan Chase employee has testified that she was one of eight managers who combined to sign some 18,000 documents a month without the personal knowledge of the facts that the documents claimed they had.