GMAC Pulls out of Massachusetts

In response to the suit by the Attorney General of Massachusetts, GMAC announced that it is terminating its home loan programs in that state. Attorney General Coakley says this constitutes an admission of non-compliance.

Massachusetts Sues Lenders Over Foreclosure Procedures.

Massachusetts Attorney General Martha Coakley filed suit against five large residential mortgage lenders for abusive mortgage foreclosure practices, ending lengthy negotiations on the subject. The lenders are Bank of America, J P Morgan Chase, Wells Fargo, Citibank and GMAC, together with MERS. MERS is a “nominee” of lenders who becomes the record mortgagee in order to enable the mortgage to be assigned multiple times on the MERS records without the need of recording assignments.

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CLIFF TUTTLE has been a Pennsylvania lawyer for over 45 years and (inter alia) is a real estate litigator and legal writer. The posts in this blog are intended to provide general information about legal topics of interest to lawyers and consumers with a Pittsburgh and Western Pennsylvania focus. However, this information does not constitute legal advice and there is no lawyer-client relationship created when you read this blog. You are encouraged to leave comments but be aware that posted comments can be read by others. If you wish to contact me in privacy, please use the Contact Form located immediately below this message. I will reply promptly and in strict confidence.

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