Lawyer up!
Below we have an update from the Washington Post on yesterday's story. Fannie & Freddie are now involved (click to find out if they own your mortgage).
If you've lost your house to foreclosure, it's time to call a lawyer. You might have a case against your mortgage provider. This is the dirty little secret of the foreclosure industry -- lost paperwork often means forged documents.
GMAC received $18 billion of TARP funds and Elizabeth Warren says we could lose more than $6 billion.
I say sue the bailout-sucking, bonus-paying bastards.
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Video: Elizabeth Warren on the GMAC bailout
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GMAC Foreclosure Fraud Scandal Grows: Now Involves Hundreds Of Other Banks
Some of the nation's largest mortgage companies used a single document processor who said he signed off on foreclosures without having read the paperwork - an admission that may open the door for homeowners across the country to challenge foreclosure proceedings.
The legal predicament compelled Ally Financial, the nation's fourth-largest home lender, to halt evictions of homeowners in 23 states this week. Now Ally officials say hundreds of other companies, including mortgage giants Fannie Mae and Freddie Mac, may also be affected because they use Ally to service their loans.
As head of Ally's foreclosure document processing team, 41-year-old Jeffrey Stephan was required to review cases to make sure the proceedings were legally justified and the information was accurate. He was also required to sign the documents in the presence of a notary.
In a sworn deposition, he testified that he did neither.
The reason may be the sheer volume of the documents he had to hand-sign: 10,000 a month. Stephan had been at that job for five years.
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Editor's note:
Click here for the most important video we've ever published at the Daily Bail. If you agree, post it all over the internet. Email it to everyone you've ever met. Use your imagination. Thank you!
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Further reading:
GMAC threatens to blow the lid hood off the foreclosure industry.