This bombshell just hit the wires….EFFECTIVE IMMEDIATELY GMAC HAS SUSPENDED ACTIONS ON FORECLOSURES IN 23 STATES!
No specific information yet, and it does not clear exactly the scope of what is being suspended, but one can only assume this has something to with the recent disclosures that affidavits of Jeffrey Stephan have been withdrawn!
A whole lot of credit for this should go out to Ice Legal for all their work to bring the efforts of Jeffrey Stephan to light! Congratulations to Ice for this development!
Ally Financial Inc.’s GMAC Mortgage unit told brokers and agents to halt foreclosures on homeowners in 23 states including Florida, Connecticut and New York.
GMAC Mortgage may ” need to take corrective action in connection with some foreclosures” in the affected states, according to a two-page memo dated Sept. 17 and obtained by Bloomberg News. Ally Financial spokesman James Olecki confirmed the contents of the memo. Brokers were told to stop evictions, cash-for-key transactions and lockouts, regardless of occupant type, with immediate effect, according to the document, addressed to GMAC preferred agents.
The company will also suspend sales of properties on which it has already foreclosed. The letter tells brokers to notify buyers that the company will extend the closing date on all sales by 30 days. Buyers will be able to cancel their agreement to purchase and get their deposit back, according to the letter.
GMAC Mortgage ranked fourth among U.S. home-loan originators in the first six months of this year, with $26 billion of mortgages, according to industry newsletter Inside Mortgage Finance. Wells Fargo & Co. ranked first, with $160 billion, and Citigroup Inc. was fifth, with $25 billion.
GMAC was created in 1919 to provide financing for buyers of General Motors Co.’s vehicles. GMAC converted into a bank holding company in 2008 as it received more than $17 billion of government funds during the financial crisis. It rebranded itself Ally Financial last year, and continues to offer auto loans and mortgages.
JUST A SMALL TASTE OF WHAT’S TO COME IN WHAT WILL BE AN EXTRAORDINARILY CHAOTIC ENVIRONMENT…WHICH WILL ONLY BE EXACERBATED WITH THE ROCKET DOCKETS.
IF THE LENDERS ARE NO SUSPENDING, WHY ARE OUR COURTS NOT DOING SO?
