Ally Financial, formerly GMAC Mortgage, suspends foreclosures in 23 states

Detroit-based Ally Financial Inc. halted evictions in the 23 states. glut of foreclosures. Ally, formerly known as GMAC, includes Ally Bank and Residential Capital. It is the fourth-largest.

Ally Financial Inc. – formerly known as GMAC – has been ordered to prove. Ally, the nation’s fourth-largest home lender, has suspended evictions of homeowners and foreclosure sales in 23 states,

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Ally Financial, formerly GMAC Mortgage, suspends foreclosures in 23 states Moody’s places $7.6 billion of GMAC-serviced RMBS on review Jon Prior was a reporter with HousingWire through late 2012.

Ally Bank, the company’s direct banking subsidiary, offers an array of deposit and mortgage products and services. Ally Bank is a Member FDIC and Equal Housing Lender , NMLS ID 181005. Mortgage credit and collateral are subject to approval and additional terms and conditions apply.

Ally Financial, a unit of GMAC Mortgage, again faces charges that employees did not verify foreclosure documents and will delay tens of thousands of foreclosures in 23 states. Ally was sanctioned.

NEW YORK, Sept 23 (Reuters) – Standard & Poor’s on Thursday said it may downgrade its ranking of GMAC Mortgage, one of the largest servicers of U.S. home loans, after internal processing procedures.

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GMAC, the mortgage unit for Ally Financial, has suspended foreclosures in 23 states, according to a memo sent to its network of brokers and agents sept. 17.

The 2010 United States foreclosure crisis , sometimes referred to as Foreclosure-gate or Foreclosuregate , refers to a widespread epidemic of improper foreclosures initiated by large banks and other lenders. The foreclosure crisis was extensively covered by news outlets beginning in October 2010, and several large banks, including Bank of America , JP Morgan , Wells Fargo , and Citigroup.

The legal predicament compelled Ally Financial, the nation’s fourth-largest home lender, to halt evictions of homeowners in 23 states this week. Now it appears hundreds of other companies, including mortgage giants Fannie Mae and Freddie Mac, may also be affected because they use Ally to service their loans.

Bank of America suspended foreclosure proceedings in 23 states Friday over problems with paperwork. The nation’s largest bank joins J.P. Morgan and Ally Financial as the third major lender to put.

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Ally Financial Inc.’s GMAC Mortgage unit, which suspended evictions in 23 states last week after finding employees didn’t verify foreclosure documents, was sanctioned in 2006 for similar practices, court records show.