Home > Uncategorized > How GMAC Robo-Signed People’s Homes Away

How GMAC Robo-Signed People’s Homes Away

How Ally Financial “Robo-Signed” People’s Homes Away

Today, September 22, 2010, 32 minutes ago | adminGo to full article

Alain Sherter from CBS Interactive Business Network posted a commentary on the bnet blog  weighing on the GMAC/Ally Affidavit fiasco.

The Ally Financial scandal highlights a fundamental error in how this country is dealing with the foreclosure crisis: While Wall Street banks are allowed to indefinitely put off recognizing mortgage-related losses, the legal machinery used to seize people’s homes is on automatic pilot.

“What GMAC has been doing with affidavits … is no different from what anyone else has been doing in the mortgage servicing business,” saidO. Max Gardner III, a consumer bankruptcy attorney. “This is business as usual for the mortgage servicing industry. GMAC just got caught,” he said.

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