CAPITAL STRIKE! GMAC stops mortgage lending in MA in response to AG lawsuit

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CAPITAL STRIKE! GMAC stops mortgage lending in MA in response to AG lawsuit

CAPITAL STRIKE! GMAC stops mortgage lending in MA in response to AG lawsuit

SO WHAT WHO CARES… There are credit unions!

Mass AG: “In this state, banks must follow laws. It appears GMAC acknowledges it has a problem following those laws & being held accountable.”

WSJ-

GMAC Mortgage, the mortgage lender of Ally Financial Inc., is exiting the vast majority of its lending in Massachusetts a day after the state sued it over its foreclosure practices.

The nation’s fifth-largest mortgage originator said it “has taken this action because recent developments have led mortgage lending in Massachusetts to no longer be viable,” ratcheting up the high-stakes mortgage fight there.

Attorney General Martha Coakley sued the five biggest mortgage servicers Thursday, in the first government lawsuit targeting all five for alleged improper foreclosure practices including so-called robo-signing. The practice involves people who allegedly signed many foreclosure documents …

[WALL STREET JOURNAL]

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3 Responses to “CAPITAL STRIKE! GMAC stops mortgage lending in MA in response to AG lawsuit”

  1. Not viable cause they are being held accountable. They better be on the run, from every state!!!

  2. gregory says:

    If they want to stop lending so be it, You no longer do business in MA period. And no you can no longer collect on current mortgages in this state at all. You must sell all mortgages you currently have and refile with every county at the new rate of $1000.00 per recording. And we better make sure all paperwork is true. If we find any false or misleading paperwork $100,000 fine. Oh and sorry if we misplace or loose some of the paperwork you will just have to resend it with fees……….

  3. Gloria Tyler-Mallery says:

    The bottom line is that if they were no following the law in Mass… hey were not following it anywhere else. Those of us in CA need our AG to follow suit. We have extreme horror stories of GMAC and their all out fraud, modification scam, “halted” foreclosure B.S, and bold faced lies!

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