Talking about GMAC’s ‘Robo-Signers’ Draw Concerns About Faulty Process, Mistaken Foreclosures – ProPublica

 

Quote

GMAC’s ‘Robo-Signers’ Draw Concerns About Faulty Process, Mistaken Foreclosures – ProPublica

Several states have ordered a freeze on foreclosures [1] by Ally Financial’s GMAC mortgage unit [2], which has come under fire in court for using “robo-signers [3]” who signed off on thousands of foreclosures attesting to the accuracy of the documents without having much personal knowledge of what they contained. Several other states are investigating [4] GMAC after the company said last week it was suspending foreclosure evictions and sales [5] in 23 states due to “a procedural error” that could require the servicer to “take corrective action [6] in connection with some foreclosures. One robo-signer, Jeffrey Stephan, has signed off on as many as 10,000 foreclosures a month, according to court records. The foreclosure affidavits, which established basic facts such as a bank’s ownership of a mortgage [7], were also required to be signed in the presence of a notary public. That didn’t always happen, either. (Since then, other GMAC employees [8] have also been flagged as possible robo-signers.)

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s