September 25, 2010
For all the recent focus on GMAC, Fortune magazine crowns Bank of America as the real king of the dirty foreclosure tricks. The bank recently foreclosed on a Florida property that doesn’t even have a mortgage, the Sun Sentinel of Fort Lauderdale reported. The foreclosure was started in 2008 by Countrywide, the notorious subprime mill […]
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September 25, 2010
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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