Bank's no Ally for NY homeowners

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Bank’s no Ally for NY homeowners

Bank’s no Ally for NY homeowners

New York Post-

Two weeks ago, a Westchester family had finally reached the end of seven years in foreclosure hell.

Then the plate tectonics of the massive bank that controls their fate shifted. Ally Financial, formerly GMAC, filed Chapter 11 bankruptcy for its troubled Residential Capital mortgage unit last Monday. Ally owes taxpayers roughly $12 billion in bailout money and is majority-owned by Uncle Sam.

This unprecedented bankruptcy of a mega-servicer is hitting ordinary New York families hard, with worse blows to come. Inside Mortgage Finance publisher Guy Cecala estimates the bankruptcy affects roughly 120,000 loans in New York, out of 2.4 million ResCap consumer mortgages.

Read more: [NEW YORK POST]

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