http://www.dsnews.com/articles/gmac-find...ates-2010-10-12

Your thoughts.

Good...maybe Chase and BOA will find the same soon!

"GMAC Mortgage says although reviews of foreclosure affidavits involving homes in 23 judicial states are ongoing, the company “has found no evidence to date of any inappropriate foreclosures.”"

So what are they saying here - that perhaps there were errors in how the paperwork was handled, maybe some other problems, but no delinquent owner was foreclosed on that wasn't seriously behind in payments to where foreclosure was a legal remedy?

Read what is says - and doesn't say. It does not say GMAC has found that they have not committed any errors in handling their foreclosures, and if that were the case - they certainly would say so. IMHO

This will only be a major issue for a few more weeks - or at least I hope the elections help ease off the trouble makers.

The question I have is how accurate are these findings. It seems like a very short period of time for GMAC to review every piece of paperwork for the amount of foreclosures on thier books . . . not to mention for 23 states worth of foreclosures. I find it a little odd that they can make a statement in such a short time.

If they have had robo-signers churning out thousands of documents a day for years, how could they find no problems in less than two weeks? And who did they get to investigate the problem?. Total PR bull crap.

Good point Sorrento. It is an exercise of going through the motions. The thing I like is the aspect of culpability. So what if they had a cute little kitty cat sign the docs, does that mean the people were in fact making their payments all along?

No but I can already see consumer class action lawsuits coming and attorneys lining up at the door.

I don't think this goes away anytime soon.

I'm not as concerned about class action lawsuits as I am about getting the foreclosures and sales going as quickly as possible.
There are always lawsuits - but not foreclosure freezes and States AG and desperate politicians getting in the way of getting the job done.

A side note - I did hear that there were more homes foreclosed on last month then any other month in U.S. history.

I'm excited to see the spin that is put on this to make John Que think this shows how we are out of the recession and in recovery.

I also heard - foreclosures probably won't peak until 2nd quarter next year.

Bottom line is if you didn't pay your note you were foreclosed on. This is kinda like the getting off on a technicality.

Much noise about nothing. Reviewing the paperwork isn't rocket science, are documents 1 through 20??? in the file and signed. The issue is nobody was confirming that. That failure to read doesn't make up for the missed pawments. So now there's a bushel of folks reading and signing with a notary sitting in the room and nothings changed. But it's an election year and everyone wants to appear that they're leading the troops to overthrow the evil empire known as the bankers. I've already getting these files back on the market.
Pine;
I believe that's an overly optimistic projection. I'm counting on at least 5 more years of this. The more "zeros" we have tinkering with this the more zeros we have on our paychecks.......Stupidity ROCKS.

I guess it is cool. I got off on an traffic ticket when the officer spelled my name wrong on the ticket. It was kind of funny. I'll use a different last name, but the story is still funny.

I went in to contest the ticket and as you might guess I was last on the docket. The baliff calls out, " Mark Somms" No answer. She looks around " Mark Somms" The judge on her elbows, head turned with tennis court eyes, looking at me then the baliff. I pipe up and say I, "I am Mark Simms." I was let off and the officer was asked to stay after. It might have had to do with something else. I had a great day.

The charge was an expired inspection sticker. It was 1 day late and I had it updated that day.

The documents that were signed by a robo-signer were reviewed by a robo-reviewer, hence the speed with which they were able to complete the task.

So we'll just take their word for it? The big banks spent big bucks on payments to the top brass of their companies who oversaw getting this whole crisis started, but couldn't ante up to hire enough employees to properly process the foreclosure documents. Yes, they sure sound trustworthy to me.

I've had to call the big lenders many times on the behalf of reo sales the past few years. I won't bore those of you who already know the kind of disorganization and incompetence going on in their reo and short sale departments with a rehash of those stories.

The only way politicians are to blame for this is that they haven't pushed to prosecute anyone yet for the their role in this. The banks know that governments have laws about processing foreclosures. How about they do the paperwork right and then we can all go along about our business? The election isn't going to eliminate the troublemakers. The troublemakers are those who are cavalier in their disregard for laws regarding processing loans and foreclosures. It is courts who are more likely to continue to handle those troublemakers, and they will not be voted out of office this November.

This isn't going away very soon...

http://www.thestreet.com/story/10887663/1/foreclosure-fraud-its-worse-than-you-think.html

My reading comprehension is lacking so where is the fraud in the robo signing of documents?

What are the damages?

Are people who have faithfully paid their mortgages on time losing their houses to foreclosure?

Do I get to keep my house absolved of all debt if I stop paying my mortgage because there is a question of who owns the mortgage?

It's super-illegal to file false affidavits with faked notarization, even if your intentions are good.

From what I've read, they aren't faked notarizations. The affidavits in judicial foreclosure states require that the person signing the forms confirm that they have "personally reviewed" the file. Well, they hadn't. Bob in accounting had, but he's got 500 files on his desk that he still has to get through. So, person B signs that it is verified. That's the fraud--if you really want to consider it that. Nobody is disputing that the people didn't make their payments. Nobody is disputing that the dollar amount owed is wrong. They're disputing that the wrong person signed the affidavit. It's stupid, and it is why you are seeing the files come back on the market in 2-3 weeks. You get the right person to sign the affidavit, and you move along. Welcome to Idiocracy.

I know that in Florida, the three big foreclosure attorney mills had been signing the documents on behalf of the investor. Most of them stopped because they were being called into court to testify about that signing and in most cases they were also robo-signing documents. It all came into the open when a disgruntled former employee of one of those firms went to a "Stop Foreclosure" attorney.

I just heard something new to me on the radio regarding the current REO moratoriums. I believe it was a CBS reporter who stated that it's not just homeowners going after banks for shoddy or falsified documents, it's now investors who feel they were lied to about how loans were underwritten. They'll be suing to force banks to take back the loans. Anyone else hear anything about that?

Fannie and Freddie have been charging back loans for years, long before this latest round of FCs. If the loan is found to be out of compliance with underwriting guidlines, overenthusiastic appraisal or similar, they won't pay out. Same with MI companies. Basically, they won't guarantee against fraud.