Residential Capital | FORECLOSURE FRAUD | by DinSFLA

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Feds to Ally Bank: Shore up foreclosure practices

Feds to Ally Bank: Shore up foreclosure practices

The Salt Lake Tribune-

Federal regulators have ordered Midvale-based Ally Bank to fix significant deficiencies in its foreclosure practices covering a two-year period in which among other things it submitted bogus legal documents for bankruptcies and other court actions.

The order from the Federal Reserve and the Federal Deposit Insurance Corp. alleges employees of Ally, two sister companies and their parent company, Allied Financial, signed foreclosure documents without reading them ­— a possibly illegal practice known as “robo-signing.”

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