Abigail Field On GMAC/Ally’s Assignment Problem

On GMAC/Ally’s Assignment Problem

Yesterday Paul Kiel of ProPublica and Sophia Pearson of Bloomberg broke two document fraud stories that are probably inter-related. ProPublica exposed GMAC/Ally’s internal documents that apparently show Ally knowingly falsified documents to pursue foreclosures. Bloomberg reported that Ally is suing a former employee for stealing company documents related to their foreclosure processes. Both stories could use a little more context, however.

In HousingWire’s version of the Ally-sues-employee story, Ally comes across as duly outraged by the employee’s apparent deception, conflicts of interest and betrayal:

“Ally Financial said it discovered a foreclosure defense attorney was working for its mortgage unit and pilfering confidential information on the company’s foreclosure operations.

…Ally said [the attorney, Tanya L.] Blackwell signed a conflict of interest questionnaire at the inception of her employment that “clearly advised defendant that she had a duty to act soley in the best interest of Ally and to provide Ally with her individual loyalty,”…The company’s code of ethics also prohibited Blackwell from having a material interest or investment in any businesses that could create a conflict of interest”.

The context that helps evaluate Ally’s huffiness is Ally’s own conflicts. As a mortgage originator and securitizer it faces potential liability for lousy loans. And as a servicer of many securitized loans, it faces potential liability for not telling trustees about lousy loans. A reason to tell and not to tell–how’s that for a conflict of interest?

Check out the rest from Abigail here…



7 Responses to “Abigail Field On GMAC/Ally’s Assignment Problem”
  1. yvonne says:

    Fla. Supreme Court won’t hear robo-sign case
    TALLAHASSEE, Fla. – Aug. 1, 2011 – The first Florida court case involving “robo-signing” of foreclosure documents was scheduled to go before the Florida Supreme Court, but the state’s high court will no longer consider the issue – at least for now.

    The Bank of New York Mellon and the Lake Worth homeowner pursuing the case settled out of court. A document filed with the Supreme Court Thursday in Pino v. Bank of New York Mellon said lawyers settled the matter and stipulated to dismissal of the case.

    In the closely watched case, the bank dismissed a foreclosure in order to avoid an investigation into alleged fraud involving the documents in the case. The Palm Beach County homeowner, Roman Pino, alleged that BNY Mellon, which was accused of illegally back-dating documents, simply quit pursuing the foreclosure to avoid answering the allegations.

    Florida’s Fourth District Court of Appeal had ruled in favor of the bank, but also asked the Supreme Court to review the case because so many foreclosures “appear tainted with suspect documents.”

    Source: News Service of Florida

    • lvent says:

      Those bastards!!!!!! Deceive by lying and covering up is all they know how to do… They gotta keep the Ponzi Scheme going for their masters, the ruling elite, the Plutocracy….They are using Wall Street and the Federal Reserve and the U.S. Treasury to Kleptocracize the people and the U.S. GOVERNMENT IS ALLOWING THEM TO DO THIS…ALL THE DEVILS ARE HERE…..Look into the who’s who and how many in positions of power are either Former Bankster CEO’s, Former CEO’s of Wall Street firms.Council on Foreign Relations members or U.N. members……Tell everyone you know to watch INSIDE JOB….That movie connects alot of dots……Look into who had offices in building 7 on 9/11….The 9/11 TRUTH IS, 9/11 was the ATTEMPT by the rulling elite to cover up for all of their FRAUD.

      • lvent says:

        Max Keiser put it best today in his interview on RT NEWS….IF YOU WANT TO KNOW WHO IS ROBBING YOU………………..FOLLOW THE MONEY………………….LET’S START WITH, WHERE IS OUR GOLD AND WHO STOLE IT????????????????? There are verified reports that tons of gold went missing from underneath the World Trade Center and 9/11 is the cover up for that theft…….WTF? Who stole it?

  2. Wayne says:

    First of all …. I miss Abigail’s column in the Dailyfinance. I really do !!! Second of all, this is exactly what Bank of America has done to me. Last month they filed an assignment only because they have nothing else. The assignment is completely a fraud piece of paper with a “Robo Signers” Signature on it. So I sent the banksters a QWR …. this ought to be interesting. Show me the Original Note and all the assignments and everything in between. Screw the banksters …. Countrywide never filed or recorded anything. Lets see what happens.

  3. BB says:

    Crazy stuff. When will someone grow a set and but some of these people in jail!!

    Have a Great Birthday

  4. Debbie says:

    Great piece Ms. Field.

  5. keepon says:

    The company’s code of ethics?!@#$!?

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