· The mortgage-foreclosure debacle, which started with a story about a GMAC “technicality” (and included a “GMAC denies foreclosure moratorium” story) but which quickly “ballooned” as more mortgage servicers were “implicated,” has now exploded into a full-blown “issue” of unknown proportions.
Rising interest rates may cut banks mortgage future short Pension funds sue Wells Fargo, alleging executives breached fiduciary duties In doing so, the District Court let stand the plaintiffs’ breach of fiduciary duty claims against. was filed jointly by pacific life fund advisors, LLC, Capital Research and Management Co.,
WASHINGTON, Oct 11 (Reuters) – A U.S.-wide foreclosure moratorium would be “catastrophic” and. Other institutions, including JPMorgan (JPM.N) and Ally Financial Inc’s GMAC Mortgage, have announced.
GMAC denies the allegations. In at least six states, attorneys general are calling for foreclosure moratoriums and launching their own investigations. And this week, the attorneys general of up to 40 states are expected to announce a joint investigation into banks’ use of flawed foreclosure paperwork.
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· The news that GMAC, recently renamed Ally Financial, and JPMorgan Chase and Bank of America were stopping foreclosure proceedings in 23 states was merely the beginning.
Home foreclosure fraud? Call it in.. with lawsuits and demands for a foreclosure moratorium.. of America and Ally Financial’s GMAC unit have halted foreclosure actions in states that require.
· Ally Financial, formerly GMAC Mortgage, said previous reports of a foreclosure moratorium in 23 states are not true, and it is instead addressing an issue raised with the execution of.
Alt-A, HELOCs Proving Problematic; Are Prime Jumbos Next? HELOC abuse, Alt-A, Option ARMs and Prime loan resets in combination with underwater sellers, tilts in favor of buyers this summer. With all the negative headwinds still unresolved, the Westside, down about 25% from 2007, will drop another 15% by September. Eventually, it should bottom out at over 50% off during the next couple years.