On the front page of today’s New York Times, Gretchen Morgenson describes the dizzying heights of incompetence and fraudulence at the core of a rising tide of “improperly handled” foreclosure proceedings initiated by some of the nation’s biggest lenders. JPMorgan Chase, GMAC Mortgage and Bank of America have all launched investigations into crummy paperwork that Read More
Senator Al Franken is asking the feds to launch investigations into potential criminal activity by Ally and its subsidiary GMAC Mortgage, which have come under scrutiny of late for allegedly using fraudulent foreclosure documents to boot people from their homes.
In a letter to a veritable who’s who of financial regulators, Franken says he’s Read More
The heartwarming stories of people who are avoiding dubious foreclosures carry with them a perverse downside: Legal wrangling over foreclosure filings will prolong the time it takes for U.S. home prices to find a bottom, Bloomberg reports.
Former General Motors subsidiary GMAC has lately drawn attention as lawyers charged that the mortgage lender Read More
