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GMAC halts some mortgage loans in Mass.

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Bozita Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 02:52 PM
Original message
GMAC halts some mortgage loans in Mass.
Source: Detroit News

Last Updated: December 02. 2011 2:42PM
GMAC halts some mortgage loans in Mass.
David Shepardson/ The Detroit News


Washington -The mortgage unit of Detroit-based lender Ally Financial Inc. has halted servicing new loans in Massachusetts, one day after the bank and four others were sued by the state attorney general's office.

GMAC Mortgage, the Pennsylvania-based mortgage origination and servicing arm of Ally, said Friday it will cease purchasing new mortgage loans in Massachusetts that are originated by correspondent lenders and wholesale brokers.

GMAC Mortgage has taken this action "because recent developments have led mortgage lending in Massachusetts to no longer be viable," the company said in a statement. "The company is disappointed that it can no longer participate in offering certain financing options in Massachusetts; however, it has an obligation to manage risks and deploy capital in an appropriate manner and in a way that protects the investment of the U.S. taxpayer."

On Thursday, Massachusetts Attorney General Martha Coakley sued five banks for allegedly pursuing illegal foreclosures on properties in Massachusetts, as well as deceptive loan servicing.


Read more: http://www.detnews.com/article/20111202/AUTO01/11202043... .
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CountAllVotes Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 03:00 PM
Response to Original message
1. Go broke already Ally Financial Inc.
Sickening company full of first class crooks.

I hope they go broke! :grr:

How much TARP money did they receive?

Have they paid it back?

:mad:

:dem: :kick: & recommend!!

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JJW Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 03:44 PM
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2. Fine with us, we'll just bank with credit unions
Bye-bye!
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 05:42 PM
Response to Reply #2
4. Credit Unions all the way
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gkhouston Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 03:48 PM
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3. Didn't their "obligation to manage risks" exist before Coakley sued?
Edited on Fri Dec-02-11 03:50 PM by gkhouston
Sounds more like their "obligation to ass-cover" is involved. :puke:

What a way to admit your business is mortgage scams.
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DCKit Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-11 09:35 AM
Response to Reply #3
5. What you said, plus the whole blackmail aspect.
They're trying to put the onus on Coakley - as if it's HER fault they can't do business in Mass.

This is going to backfire on them.
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BR_Parkway Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-11 09:48 AM
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6. This would be like my (theoretical) pot dealer telling me he has nothing
to sell because he got busted a couple weeks ago and can't risk getting caught again while waiting for it to go to trial.
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