http://www.mortgagenewsdaily.com/channels/pipelinepress/10052010-phh-gmac-foreclosure-wells.aspx
Looks like somebody is worried since the FL Attorney General hasn't publicly called for a stall on the foreclosure front
Ally, Chase, and BofA have made headlines in the foreclosure department, suspending them in almost two dozen states. Can the baby be thrown out with the bathwater? Sure. One reader wrote, "I have a client in Florida that closed on his sale in Florida on Thursday, and was supposed to close on his purchase of a Fannie Mae owned home this Wednesday. Well, last Friday he received a notice from the title company that they have indefinitely suspended the sale, due to the previous owner & servicer being JPM Chase. However, the borrower was foreclosed on two years ago. So now, with a wife and two dogs, my client has nowhere to go. The auction company gave him until today to cancel and get a refund of his deposit, or to extend for 6 months, but with no direction on a closing date."
Originators
