Jeffrey Stephan | GMAC Takes Steps to Fix Its Problems in Mortgages

A review of roughly 25,000 loan files has “not found one instance where a borrower was foreclosed on without being in significant default”


GMAC Takes Steps to Fix Its Problems in Mortgages

GMAC Mortgage LLC, the mortgage servicer that vaulted “robo-signing” into the headlines, says it has overhauled its foreclosure procedures.

The unit of Ally Financial Inc. has put each employee who works on foreclosures through an additional 40 hours of training, testing them on what they learned. Outside law firms that handle foreclosures for GMAC must answer questions about their own practices and are subject to on-site reviews.

The changes came after GMAC employee Jeffrey Stephan said in a deposition last year that he had signed off on as many as 10,000 foreclosure documents without proper review.

“The procedure was wrong…and we regret that,” says Ally spokeswoman Gina Proia. Since resuming foreclosure sales that were suspended, GMAC has “focused on modifying and improving our servicing business.”

Rest here…


7 Responses to “Jeffrey Stephan | GMAC Takes Steps to Fix Its Problems in Mortgages”
  1. Jen Quinn Realtor says:

    As a Realtor watching all these home owners illegally thrown out on the streets for the past 4 years, while the banksters and servicing companies lied to these home owners saying “Oh yea your good just keep sending in this $ amount per month and your going to be fine, long enough to collect from these home owners as much in pocket then pull the rug from under them and foreclose, while the courts allow this is a shock to what I once knew… These poor people /families /kids /animals thrown out of their home and lied to by these bastards!
    Their have been families who killed their entire family thinking their was no other way out, their were people who hung themselves or put the gun against their head and pulled the trigger!! THIS IS MURDER ON THE BANKSTERS AND ALL INVOLVED. They made these people feel worthless, as i said these BAstards.

  2. This should be a claim of signigicant default by the banks, not the homeowners. And I mean homeowners not mortgage debt holders. The banks are in default, Breach of Fudiciary Duty and the Honest Services act.” Flat out theivs devastating our jobs, economy, incomes, businesses, purposely preplanning defaults and laughing all the way to the stock broker whom is bidding on the defaults they caused. There are a lot of quilty people, the banks are amoung the worst of them. The banks are in default.

    • lvent says:

      Wall Street owes 140 Trillion in debt….backed by 8 trillion in real estate…….Wall Street committed.massive mortgage collateral fraud…Max Keiser reported on his show that FANNIE AND FREDDIE were overleveraged, 72:1….J.P. Morgan, and Citi: 52:1 and Goldman Sachs a whopping 333:1…..They are trying to forceplace THEIR debt created off of the backs of all of us onto all of us…..If they took back every house in the country, their would not be enough to repay all their debt…The U.S. Government should seize the overseas bankster accounts of all of Wall Streets ill gotten gains…CNBC reported last fall that WALL STREET MADE 60 TRILLION DOLLARS IN THE YEAR 1999 ALONE, OFF OF MORTGAGE DERIVATIVES…….THAT WAS THE SAME YEAR BILL CLINTON REPEALED WALL STREET RULES AND REGS………MAKE WALL STREET PAY IT ALL BACK TO MAINSTREET…..WALL STREET MUST BE HELD ACCOUNTABLE….AS WELL AS THE U.S. TREASURY…..THEY ISSUED US OUR COLLATERAL DEEDS….WE WOULD NOT HAVE THOSE UNLESS OUR HOMES WERE PAID FOR FREE AND CLEAR….THE U.S. TAXPAYERS PAID FOR EVERTHING……AND WALL STREET TOOK ADVANTAGE OF MAINSTREET IN THE BIGGEST PONZI SCHEME SWINDLE AND HEIST OF MAINSTREETS WEALTH BY WALL STREET (ALLOWED BY WASHINGTON) TO THE RULING ELITE INVESTORS IN HISTORY……..WE THE PEOPLE WERE ROBBED….WE WANT OUR MONEY BACK……CLEAR TITLE GOES TO THE HOMEOWNER…..THE ONLY LEGAL CONVEYANCE EVER MADE IN OUR NAMES, WAS THE CONVEYANCE OF THE COLLATERAL DEEDS TO OUR HOMES TO US AT ORIGINATION………WE THE PEOPLE ARE.LIEN FREE!!!

  3. Felita says:

    How can you now OWN a property now when you DIDN’T OWN a time a original Foreclosure attempt? Especially when the TRUE MORTGAGE OWNER went OUT OF BUSINESS>

  4. Readdocs says:

    Updated the software used in foreclosing, and moved the employees who
    were doing the documentation and foreclosing to other positions.
    New employees trained in the new software updates so getting caught
    would be more difficult.
    They changed out one kind of fox for another fox.

  5. housemanrob says:

    How can any intelligent person…..believe any of this horseshit! They make decisions like muppets!

  6. Mario Kenny says:

    “overhauled its foreclosure procedures?” how did it do this, how can you bring back to life something that is dead?.

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