I Smell Bullshit – GMAC Mortgage Statement on Speculation Related to Foreclosure Moratorium

Check out the language here. they are trying to back peddle and spin the original story from earlier today…

MINNEAPOLIS, Sept. 20 /PRNewswire/ — Recent reports have stated that GMAC Mortgage instituted a moratorium on all residential foreclosures in 23 states.  This is not true.  In fact, all new residential foreclosures are continuing in the ordinary course of business with no interruption in our usual practice.

The speculation likely emanates from a direction previously given by GMAC Mortgage to certain of its outsource vendors to allow time to address a potential issue that was raised in a number of existing foreclosures challenging the internal procedure we used for executing one or more judicially required forms.  This direction was to suspend evictions and REO closings where the related foreclosure could have been impacted by the same internal procedure.  We are also reviewing certain previously completed foreclosures where the same procedure may have been used.

We are unable to comment on the specific merits of the challenge because some of them are in litigation.  Nevertheless, a new process has already been developed and implemented so that though some existing foreclosures may experience delays while corrective action is taken, there will be no interruption in new foreclosures.  These delays are expected to be resolved within the next few weeks and certainly before year end, without serious consequence.  GMAC Mortgage has been addressing the procedural challenge for more than three months.  In all other respects, the mortgage business is operating as usual.

So what they saying is all previous foreclosures involving these methods are defective, while new filings are moving forward.

I am not that good at math, but according to my estimates we are looking at hundreds of thousands of cases…

Can’t wait until all the other “banks” realize they are in the same position…

The depositions say it all and can be found here…

You know what else, everyone seems to be focusing on the affidavits but this guy has signed hundreds of thousands of mortgage assignments just like all the others…

He we go all. This is what we have been working towards for the last few year!




7 Responses to “I Smell Bullshit – GMAC Mortgage Statement on Speculation Related to Foreclosure Moratorium”
  1. Ray Shelton says:

    Most of the people who were sucked into the easy to get mortgages were not experts but the mortgage brokers knew for sure that most of the people could not afford the loans so they rubber stamped all the mortgages and most of the elderly are still getting ripped off and losing their homes.
    Warning to all elderly people, we believe that we were ripped of by the best when it comes to predatory lenders and conn men. It is also our opinion that Jim Marks, Suzanne Marks, Barry Silber and his law firm of Tampa Florida and Amanda Sigler were all co conspirators who are and some who may be facing several issues including criminal usury in civil court and possibly corp and real estate fraud. Their objective was to conn our family into taking control of all our families properties by creating complex agreements and conning us into late nite after hours and very expencive loans. Then they proceded to strip the equity out of everything and foreclose on our only home. Our attorney say that they should go to jail for what they have done to us but for now we will have to fight them in the Tampa courts. Law enforcement is not able to help on the Local level but we are going to the Govenor the Attorney General and the FBI for help. Pray for us because the battle ahead is going to be hard. Ray Shelton


    I to am a victim of GMAc and Jeffrey Stephan. I have lived in my home mortgage free for 40 months.
    Am suing, Qui Tam, GMAC, WELLS FARGO, MERS.Swim with the waves that I catch.

    • Lynne says:

      How did you fight GMAC? They forclosed on my house in May. They have the sheriff on my tail to evacuate. I have no idea how to persue since there is such conflicting information on-line and with the lawyers I have consulted. I really need help!!

  3. housemanrob says:

    Gaps in the chain of title, title co. that will not insure,wild deeds and so forth and so on. Only 1 solution. Relieve the homeowner of securitized mortgages and let the bankster crooks and carpetbaggers collapse under their own house of cards Let them all go under……..BOA…..CHASE…..WELLS…..GOLDMAN SACHS….. and let DEUTCH go to HELL with them.

  4. Donna says:

    Any speculation as to what the “procedural” issue was? I don’t see Michigan listed, and Michigan is a judicial state if the lender does not follow the Michigan Law which was changed in July of 09…

  5. Diana says:

    Suspensions probably only apply to the 23 judicial foreclosure states. I can contest that they are continuing in non-judicial foreclosure states, as GMAC (Via MERS/Deutsche Bank) have continued their proceedings against me in California.

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