· Various state attorneys general have initiated probes of the foreclosure practices of Ally Financial Inc.’s GMAC mortgage unit after Ally announced last week that it had not instituted a.
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· A settlement has been trumpeted between the federal government and 49 state attorneys general with Bank of America, Citigroup, JPMorgan Chase, Wells Fargo and Ally Financial “to address mortgage loan servicing and foreclosure abuses.” (Department of Justice, Feb. 9) While acknowledging the massive fraud perpetrated by these institutions in carrying out foreclosures, the agreement.
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).
Debbie Wasserman Schultz, D-Fla., said she backed a foreclosure moratorium and government talks with the banking industry to develop ways to let lenders reshape troubled mortgages.
· The Obama administration is resisting calls for a national foreclosure moratorium amid a foreclosure fraud scandal that has already forced some of the nation’s biggest banks to halt foreclosures in every state. stopping foreclosures, the administration argues, would be bad for homeowners.
Last week, GMAC Mortgage’s parent company, ""Ally Financial"":http://www.gmacfs.com/, called. internal.
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The "biggest loan modification in American history" does little for. Ally Financial's GMAC and other banks to suspend some foreclosures, and amid demands by some lawmakers for a nationwide moratorium on all foreclosures. housing advocates speak with frustration of how BofA often refuses to grant.
WASHINGTON (Reuters) – An influential U.S. senator on Tuesday raised the prospect of an industry-wide moratorium on foreclosures as he pressed. to the heads of jpmorgan chase and Co, Bank of.
· A foreclosure freeze by the some of the nation’s largest mortgage-makers could help some struggling debtors stay in their homes – for now. Bank of.
Ally Financial denies foreclosure moratorium Bank of America, which had already announced a halt for 23 states, expanded the suspension to cover the whole nation. If other banks follow suit, it raises the specter of a national foreclosure.