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Ally Financial Inc.’s GMAC Mortgage unit will stop buying home loans in Massachusetts after the state accused the five biggest mortgage lenders of conducting illegal foreclosures. The halt, which affects loans originated by correspondent ...

Ally Financial Halts Mortgage Purchases in Massachusetts After State Sues

FORT WASHINGTON, Pa. , Dec. 2, 2011 /PRNewswire/ -- GMAC Mortgage, the mortgage origination and servicing operation of Ally Financial Inc., today announced that it will cease purchasing new mortgage loans in the Commonwealth of Massachusetts ...

GMAC Mortgage Ceases Certain Mortgage Loan Production in Massachusetts

... and servicing operation of Ally Financial Inc., announced that it would stop purchasing mortgage loans from the third party in Massachusetts. However, the company would honor all its contractual obligations made as of December 5 as well as ...

GMAC Exits Mortgage Loans

which bundled loans into mortgage securities. Officials at all of the banks issued statements saying they would fight the suit. Most of them also indicated dismay that Massachusetts had taken action during negotiations to reach a settlement over ...

Massachusetts Sues 5 Major Banks Over Foreclosure Practices

NEW YORK (AP) -- One day after it was among five major banks sued by Massachusetts over deceptive foreclosure practices, GMAC Mortgage said Friday that it will stop purchasing new mortgage loans written by third parties in the state. The ...

GMAC ends most Mass. mortgage lending after suit

The Massachusetts suit names Bank of America, Citigroup, JP Morgan Chase, Wells Fargo and GMAC Mortgage. The suit also names the Mortgage ... said they would no longer buy loans originated in the state. Kurt Eggert, a professor at Chapman University ...

Can Massachusetts get lenders to behave?

the mortgage arm of Ally Financial said it will stop buying new mortgage loans originated by correspondent mortgage lenders and wholesale brokers in Massachusetts. The company said it has taken this action "because recent developments have led mortgage ...

GMAC Picks Up its Marbles in Massachusetts (Update 1)

announced that it will "cease purchasing new mortgage loans in the Commonwealth of Massachusetts that are originated by correspondent lenders and wholesale brokers...GMAC Mortgage has taken this action because recent developments have led mortgage lending ...

Dangerous Combination of GMAC, Massachusetts, a Lawsuit, Unpaid TARP, and Possible Bankruptcy

... securitization process behind loans originated by subprime lenders in Massachusetts. RBS securitized loans from Fremont, First Franklin, Countrywide, IndyMac and WMC Mortgage Corp., packaging and selling these loans to the secondary market. Attorney ...

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