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Monday, October 18, 2010

Foreclosure-Gate: GMAC resumes some foreclosures

by Calculated Risk on 10/18/2010 09:48:00 PM

Statement from GMAC: GMAC Mortgage Statement on Independent Review and Foreclosure Sales

GMAC Mortgage ... has engaged several leading legal and accounting firms to conduct independent reviews of its foreclosure procedures in each of the 50 states.
In addition to the nationwide measures, the review and remediation activities related to cases involving judicial affidavits in the 23 states continues and has been underway for approximately two months. As each of those files is reviewed, and remediated when needed, the foreclosure process resumes. GMAC Mortgage has found no evidence to date of any inappropriate foreclosures.
Earlier I posted the BofA and Citi comments (BofA is resuming foreclosures, Citi said their foreclosure process was "sound".) Several large banks report Q3 results over the next two days (BofA, Goldman Sachs, Wells Fargo and Morgan Stanley), and I expect more comments on foreclosure issues (and possibly more questions).

On the Citi conference call this morning there were no questions on foreclosure-gate and only one on securitization issues - and that didn't provide any new information.