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Bank of America official admits perjury Bank of America is the latest major bank to halt foreclosures after it was exposed as having submitted false affidavits just like GMAC and JP Morgan Chase banks. Ariana Cha of the Washington Post reports: A Bank of America official said in a February deposition in Massachusetts that she […]

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Chase Follows GMAC, Freezes Foreclosures JP Morgan Chase announced a freeze on mortgage foreclosures in 23 states—including Florida—just a few days after GMAC did the same. Chase took this unusual action because it could not tell whether it had submitted false affidavits or had committed perjury before the foreclosure courts of those states. While announcing […]

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Reuters reports that GMAC’s recent foreclosure funny business—in Florida and elsewhere—may damage its bond ratings and ultimately hurt its bottom line. Moody’s Investors Service said on Friday it may cut some ratings of GMAC Mortgage as irregularities in its home loan servicing process may result in delayed foreclosures. The rating company’s concern came after GMAC […]

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It’s nearly impossible to keep up with the firehose of attention the national media are giving the Stephan/GMAC/Ally foreclosure scandals, so I’ll just do a quick summary of some recent articles: The Washington Post: Ally Financial legal issue with foreclosures may affect other mortgage companies Jeffrey Stephan was required to review cases to make sure […]

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