Tuesday, September 28, 2010

State AG's now reviewing GMAC foreclosures

This started as letter to it's staff to quietly suspending foreclosures in 23 States pending a review.  This memo got out and State Attonery Generals are reviewing the foreclosures by GMAC.
The Ohio Attorney General Richard Cordray and Colorado AG John Suthers joined five other states in a review of the GMAC Mortgage, now Ally Financial, foreclosure issue.
Cordray sent a letter to Ohio judges this week requesting state courts make a special review of all foreclosure cases involving GMAC Mortgage, and Suthers sent a letter directly to GMAC, requesting an explanation of what went wrong and any new procedures that have been put in place since.
This woll extend the time the shadow inventory gets back on the market.

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