Foreclosure Fraud At GMAC -- Who Owns the Mortgage
“All the banks are the same, GMAC is the only one who’s gotten caught,” said Patricia Parker, an attorney at Jacksonville, Florida-based law firm, Parker & DuFresne. “This could be huge.”
It's all about proof which is not easy to find among thousands of sliced and diced securitized mortgage pools.
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State officials are investigating allegations of fraudulent foreclosures at the nation’s largest home lenders and loan servicers. Lawyers defending mortgage borrowers have accused GMAC and other lenders of foreclosing on homeowners without verifying that they own the loans. In foreclosure cases, companies commonly file affidavits to start court proceedings.
- “All the banks are the same, GMAC is the only one who’s gotten caught,” said Patricia Parker, an attorney at Jacksonville, Florida-based law firm, Parker & DuFresne. “This could be huge.”
In December 2009, a GMAC Mortgage employee said in a deposition that his team of 13 people signed “a round number of 10,000” affidavits and other foreclosure documents a month without verifying their accuracy. The employee said he relied on law firms sending him the affidavits to verify their accuracy instead of checking them with GMAC’s records as required. The affidavits were then used to complete the process of repossessing homes and evicting residents.
- “The banks are sitting up and taking notice that they can’t use falsified documents in the courtroom,” Ice said. “There may be others doing the same thing. They’re going to come back and say, ‘We’d better withdraw these,’” Ice said in a telephone interview.
Iowa Assistant Attorney General Patrick Madigan said the implications of Ally’s internal review and the GMAC employee’s deposition could be “enormous.”
- “It would call into question whether other servicers have engaged in similar practices,” Madigan said in a telephone interview. “It would be a major disruption to the foreclosure pipeline.”
And from Yves Smith:
Related:
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Sep 21, 2010 at 8:20 PM
Reader Comments (7)
Walter Mondale, Mr. Carter's vice president, told The New Yorker this week that anxious and angry voters in the late 1970s "just turned against us—same as with Obama." As the polls turned against his administration, Mr. Mondale recalled that Mr. Carter "began to lose confidence in his ability to move the public." Democrats on Capitol Hill are now saying this is happening to Mr. Obama.
Mr. Mondale says it's time for the president "to get rid of those teleprompters and connect" with voters. Another of Mr. Obama's clear errors has been to turn over the drafting of key legislation to the Democratic Congress: "That doesn't work even when you own Congress," he said. "You have to ride 'em."
http://online.wsj.com/article/SB10001424052748704129204575505822147816104.html?mod=WSJ_newsreel_opinion
What happens to bright teachers stuck in schools that don't have the right to hire by performance and build a culture of excellence? They quit.
http://online.wsj.com/article/SB10001424052748703440604575496281030445268.html?mod=WSJ_newsreel_opinion
http://www.nytimes.com/2010/09/20/business/economy/20older.html?src=me&ref=general
Is This What a Recovery Feels Like?
There are no statistics about how many Afghan girls masquerade as boys.
http://www.nytimes.com/2010/09/21/world/asia/21gender.html?src=me&ref=general
Even a made-up son increases the family’s standing, at least for a few years.