gmac

Big Banks to New Jersey: Stop Bugging Us About Foreclosures

When New Jersey tightened its foreclosure rules in response to the false document crisis, it ordered the six largest servicers to explain why they should be allowed to continue foreclosing on homes. Their response: 'Trust us, everything's fine now.' If you think there's irony in that assertion, read on ...

Ohio Judge Demands More Information in Robo-Signed Foreclosure Cases

One major battleground over how robo-signed documents will be treated is the courtroom of Ohio state court judge Nancy Margaret Russo. She had ordered GMAC to appear before her on Monday to provide her with "proof of integrity of all documents submitted" in a foreclosure case. The proof was needed because GMAC filed the case against James Renfro using documents executed by the infamous robo-signer Jeffrey Stephan. Since the issues weren't resolved on Monday, Russo ordered swift but significant discovery and scheduled a full hearing on February 17, 2011.

No Foreclosure Problems at Bank of America?

After a 16-day review of its foreclosures, Bank of America has pronounced itself satisfied. It found no problems at all with any of them, and it's ready to resume processing foreclosures. Let's be blunt: That's a claim so unbelievable it doesn't pass the straight-face test. Here's why ...

Bank Foreclosures OK to Resume

An Obama Administration housing official said mortgage lenders such as Bank of America Corp. and JPMorgan Chase & Co. could legally resume foreclosures on homes, while a New York judge is forcing lawyers handling foreclosures to verify paperwork accuracy, the Associated Press reported.

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.

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.

GM's a Day Away From Making Its Own Car Loans Again

General Motors will once again have its own in-house financing unit starting Friday, when the auto giant closes on its $3.5 billion purchase of AmeriCredit. The new unit, to be renamed General Motors Financial, will allow GM to offer consumers more financing and leasing options.

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.

Legal Briefing: Was SEC's Goldman Suit Political?

In Friday's legal news, the timing of the SEC's suit against Goldman Sachs may have had more to do publicity than with advancing the Democrat's agenda; the delinquent Harrisburg Authority tries to make good on its debts; and the justice department wants to determine policy regarding gays in the military.

Murder Conviction Based on Dog Witnesses Is Tossed

In 2007, a man was convicted of murder despite strong evidence that he wasn't the killer after three apparently very compelling witnesses matched him to the scent of the victim's clothes. Those witnesses? A trio of bloodhounds named Quincey, James Bond and Clue. I wish I was joking.

GM Reportedly Planning to File for IPO in August

General Motors Co. is planning on filing for an IPO next month, Reuters reported. The company will file in the week of August 16, just after the expected date for its second-quarter results, Reuters said without naming its sources. The report may show that the carmaker generated cash for the second consecutive earnings period.

General Motors Looks to Outside Lenders for Auto Loans

It doesn't look as if General Motors will seek to establish its own in-house financing unit after all. The Detroit-based automaker is instead negotiating with major banks to broaden the availability of auto loans to consumers.

Worst drivers in America by state

Whenever I ride in a taxi in New York City, I marvel at the intestinal fortitude of the drivers who navigate pedestrians, potholes and other drivers...