http://www.zerohedge.com/article/mortgage-meltdown-mess-update
With all the excitement over yet another market melt up, some may have forgotten about the biggest story in process of decimating the US economy, and its entire mortgage-credit backbone. Here is a brief summary of all the comings and goings in the Mortgage Meltdown Mess, which may explain why the Fed is getting aggressive about inflating the living feces out of $10+ trillion in mortgage debt.
Rep. Zoe Lofgren and CA Democratic Delegation Asks for Investigations
http://lofgren.house.gov/images/stories/pdf/letter_to_investigate_banks_-_final_10.4.10.pdf
AFL-CIO Reiterates Call for Foreclosure Moratorium
http://blog.aflcio.org/2010/09/30/banks-should-follow-chase-and-declare-moratorium-on-foreclosures/
Freddie Demands Review of Servicer Policy
http://www.freddiemac.com/sell/guide/bulletins/pdf/iltr100110.pdf
Senator Menendez Sends Stern Letters to Banks, Asks for GAO Investigation
•JP Morgan Chase: http://menendez.senate.gov/imo/media/doc/20101005ltr_JPMorgan.pdf
•Bank of America: http://menendez.senate.gov/imo/media/doc/20101005ltr_BoA.pdf
•Ally Financial: http://menendez.senate.gov/imo/media/doc/20101005ltr_Ally.pdf
•Mortgage Servicers (identical letter sent to 117 companies): http://menendez.senate.gov/imo/media/doc/20101005ltr_MortgageServicers.pdf
•GAO: http://menendez.senate.gov/imo/media/doc/20101005ltr_GAOMortgages.pdf
The Next New Century? LPS under investigation by Florida AG
Showing posts with label Ally Bank. Show all posts
Showing posts with label Ally Bank. Show all posts
Tuesday, October 5, 2010
Monday, October 4, 2010
Citigroup, Ally Sued for Racketeering Over Database
http://www.bloomberg.com/news/2010-10-04/citigroup-ally-sued-by-homeowners-alleging-racketeering-over-mortgages.html
Racketeering, interesting choice of words.
Have you ever heard that word used when it wasn't being referred to the Mafia?
Citigroup Inc. and Ally Financial Inc. units were sued by homeowners in Kentucky for allegedly conspiring with Mortgage Electronic Registration Systems Inc. to falsely foreclose on loans.
The lawsuit, filed as a civil-racketeering class action on behalf of all Kentucky homeowners facing foreclosure, also names as a defendant Reston, Virginia-based MERS, the company that handles mortgage transfers among member banks. The suit claims that through MERS the banks are foreclosing on homes even when they don’t hold titles to the properties.
“Defendants have filed foreclosures throughout the state of Kentucky and the United States of America knowing that they were not the ‘owners’ or beneficiaries of the loan they filed foreclosure upon,” the homeowners wrote in their complaint filed Sept. 28 in federal court in Louisville, Kentucky
Racketeering, interesting choice of words.
Have you ever heard that word used when it wasn't being referred to the Mafia?
Citigroup Inc. and Ally Financial Inc. units were sued by homeowners in Kentucky for allegedly conspiring with Mortgage Electronic Registration Systems Inc. to falsely foreclose on loans.
The lawsuit, filed as a civil-racketeering class action on behalf of all Kentucky homeowners facing foreclosure, also names as a defendant Reston, Virginia-based MERS, the company that handles mortgage transfers among member banks. The suit claims that through MERS the banks are foreclosing on homes even when they don’t hold titles to the properties.
“Defendants have filed foreclosures throughout the state of Kentucky and the United States of America knowing that they were not the ‘owners’ or beneficiaries of the loan they filed foreclosure upon,” the homeowners wrote in their complaint filed Sept. 28 in federal court in Louisville, Kentucky
Wednesday, September 29, 2010
Mortgage gate is growing
[B]It's Really On: JPM Tells CNBC It Is Systematically Reviewing Foreclosures[/B]
http://www.zerohedge.com/article/its-really-jpm-tells-cnbc-it-systematically-reviewing-foreclosures
[B]Mortgage Gate Just Got Wierder: Counterfeit Court Summons[/B]
http://www.zerohedge.com/article/mortgage-gate-just-got-wierder-counterfeit-court-summons
http://www.zerohedge.com/article/its-really-jpm-tells-cnbc-it-systematically-reviewing-foreclosures
[B]Mortgage Gate Just Got Wierder: Counterfeit Court Summons[/B]
http://www.zerohedge.com/article/mortgage-gate-just-got-wierder-counterfeit-court-summons
Monday, September 20, 2010
GMAC Halts All Foreclosures In 23 States On Heels Of Florida Judge Finding JPM Committed Court Fraud In Mortgage Misappropriation
http://www.zerohedge.com/article/gmac-halts-all-foreclosures-23-states-heels-florida-judge-finding-jpm-committed-court-fraud-
Uh Oh, looks like the shit is really going to hit the fan for the banks.
Just think about all those foreclosures that they've already done
You can't legally sell or foreclose on what you don't own.
As we pointed out last week, a certain judge in Florida set quite a precedent when he found that JPM, as servicer for a Fannie mortgage, had committed court fraud by foreclosing while not in possession of the actual mortgage. We then concluded that "The implications for the REO and foreclosures track for banks could be dire as a result of this ruling, as this could severely impact the ongoing attempt by banks to hide as much excess inventory in their books in the quietest way possible." Not a week has passed since, and we are already proven right. Today, Bloomberg discloses that GMAC Mortgage, a unit of the affectionately renamed Ally Bank, has halted all foreclosures in 23 states, including Florida, Connecticut and New York. Who would have thought that being caught with your pants down, doing something so blatantly illegal as collecting on something you do not own, would actually have adverse consequences. And GMAC is just the beginning - we expect many more mortgage servicers to scurry now that the light has been shone on their shell game. The silver lining - the permabull pundits will cheer this development now that foreclosures will plunge off a cliff as mortgage holders and servicers scramble to reconcile who owns what, and just on whose balance sheet the mortgage flows should show up.
From Bloomberg:
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.
Expect panic out of the banking crime syndicate once this story hits the MSM.
Uh Oh, looks like the shit is really going to hit the fan for the banks.
Just think about all those foreclosures that they've already done
You can't legally sell or foreclose on what you don't own.
As we pointed out last week, a certain judge in Florida set quite a precedent when he found that JPM, as servicer for a Fannie mortgage, had committed court fraud by foreclosing while not in possession of the actual mortgage. We then concluded that "The implications for the REO and foreclosures track for banks could be dire as a result of this ruling, as this could severely impact the ongoing attempt by banks to hide as much excess inventory in their books in the quietest way possible." Not a week has passed since, and we are already proven right. Today, Bloomberg discloses that GMAC Mortgage, a unit of the affectionately renamed Ally Bank, has halted all foreclosures in 23 states, including Florida, Connecticut and New York. Who would have thought that being caught with your pants down, doing something so blatantly illegal as collecting on something you do not own, would actually have adverse consequences. And GMAC is just the beginning - we expect many more mortgage servicers to scurry now that the light has been shone on their shell game. The silver lining - the permabull pundits will cheer this development now that foreclosures will plunge off a cliff as mortgage holders and servicers scramble to reconcile who owns what, and just on whose balance sheet the mortgage flows should show up.
From Bloomberg:
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.
Expect panic out of the banking crime syndicate once this story hits the MSM.
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