Jeffrey Stephan | Ally (GMAC) CEO Ready to Fight Robo-signing Settlement

“We deeply regret the sloppy operational practices that led to this. But we have contractual obligations as a servicer to foreclose when we must,”

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I sometimes wonder if these asshats really believe what they are saying…

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Ally CEO ready to fight robo-signing settlement

Ally Financial (GJM: 21.93 +0.37%) CEO Michael Carpenter will not sign onto a settlement with the state attorneys general in the ongoing robo-signing case and is prepared for court if the final proposal does not fit the meager exposure he thinks the bank has.

“We would not settle for the kind of numbers being bandied about,” Carpenter said.

A recent version of a proposed settlement would charge the five largest servicers, which includes Ally, according to the Iowa AG office. Roughly $5 billion of the speculated $25 billion fine would go to payouts to borrowers directly affected by ongoing court costs and lost paperwork. The rest would help borrowers who are current on their mortgage but owe more than the home is worth with principal reduction and refinancing.

“If we think a settlement is not in the best interest of our shareholders, which is still the U.S. taxpayer, then we will not participate,” Carpenter said in a conference call with investors Wednesday. “The downside is long-term aggravation and legal fees. But if you think we have significant exposure from a financial implication, the answer is no.”

Check out the rest here…

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4closureFraud.org

Comments
15 Responses to “Jeffrey Stephan | Ally (GMAC) CEO Ready to Fight Robo-signing Settlement”
  1. Keith says:

    Hay, GMAC IS PLANNING TO SELL MY HOME ON THE 6TH. OF FEB….(NEXT MONDAY) I HAVE BEEN TO 10 ATTOURNEYS IN SACRAMENTO TO PUT A STOP TO IT,BUT THEY WANT ME TO BK! THATS NOT AN OPTION I CAN — USE,,,,,,IS THERE ANYWAY I STOP THIS FROM HAPPENING????? CALL ME OR EMAIL ME SO I CAN GET THIS DONE TODAY! I’M RUNNING OUT OF TIME.
    THAMKS AGAIN
    KEITH No. Cal.
    916-439-1245
    1.5outside@gmail.com
    ps.-I have done 3 remods with GMAC, and they said time expired or I was at 36% not 31%—–Go F.F.

  2. lvent says:

    Say it ain’t so Florida….! Mitt Romney?

  3. Ron Moss says:

    Jeff; That should just about do it!

  4. Ron Moss says:

    Allay formerly GMAC is guilty in my case of lying on my application. Performing preditory lending perfectly to generate sucking me and my homeschool family breaking up our 25 year plan of educating my kids causing my airplane to loose value that was bought for my two boys to learn aviation mechanics and about how to lease an airplane and avoid ass wholes like Mr Carpented. My caae alone will cost GMAC, HBSC IndyMac and the FDIC at least 1/2 Billion in punitive damages plus tuition Trebel damages for our $1,000,000 house plus my health damsges. I turned 80 my last birthday.

    • lvent says:

      Ron..there are a cabal of scum… !..There is a commercial on a lot lately that says how did we get here..at the mercy of the Banks…? By mass deception..that’s how..and they are getting away with it to by mass deception…to this very minute!…Wake up America…We are being buffaloed big time…! The FEDERAL RESERVE IS HOLDING AMERICA HOSTAGE..ABOLISH THE FED !

  5. So it is lawful to commit fruad if we must HUH!

  6. David Robert says:

    – hey Carpenter how about we do this….the American people (non-share holders) file a class action suit against you and your Bank and you come to court, bring your fukking books and prove that your Bank actually loaned someone the Banks true assets? I’m not talking about depositing a Note signed by the alleged borrower and stamped on the back “pay to the order of, without recourse” whereby you created the loan off that borrowers signature after you deposited it into the private side of the Bank (DDA) account. I would LOVE to hear your fukkin answer that if Federal Law prohibits you from loaning your credit and if Federal Law prohibits you from loaning your depositors deposits just where the hell does the money you loan come from buttwad? The Jennie is out of the bottle and she aint going back in.

  7. Ken Hansen says:

    The US taxpayer saved your ass, you g#$dman fool:

    “If we think a settlement is not in the best interest of our shareholders, which is still the U.S. taxpayer, then we will not participate,” Carpenter said in a conference call with investors Wednesday.

    A settlement that obliterates your company would be in the taxpayers best interest.

  8. Mike says:

    In other news, Carpenter stated,

    “I also regret my sloppy driving this morning as I inadvertently plowed down a few dozen pedestrians. But I was late for work, and they weren’t in cars……”*

    (*Okay. Just kidding. He didn’t really say that part.)

  9. talktotennessee says:

    The key word in what Carpenter is saying here is “significant.” Having one of GMAC’s ‘flawed’ loans, I know for a fact there is a problem with recording. Banks aren’t afraid of homeowner lawsuits, just face that. The risk here is from investor mega suits. Carpenter is playing hard ball in strategy. It could be cheaper for Ally and some of the smaller risk players to serve those who come to the table rather than dish up a banquet with the big boys. Who has the most to lose and really needs the settlement? B of America, Chase, Wells Fargo-huge targets by investors?. If these biggies can effect immunity for GMAC/ALLY and others in a tag along, Carpenter may be thinking, why deal? If necessary he can always chip in later. We have already seen reluctance to criminal charges. Put your chips on Biden, Schneiderman and company. The destruct of MERS might be the only thing that would throw a monkey wrench into the deal for homeowners to benefit.

  10. cmc says:

    Why are we even trying to settle??? I don’t understand. Where are the handcuffs? How much more proof do we need to show them that the law was broken as well as the chain of title to millions of homes. I guess that’s OK. I guess it’s OK if I foreclose on my neighbor’s home and sign the same exact paperwork to obtain title to it. I wonder what would happen then? I know what would happen. I would be all over the news with the same exact handcuffs on my wrists that I was just talking about. “ROBO-SIGNING SETTLEMENT” That’s a JOKE. It makes me sick….

    • Home was Stolen~ says:

      Jeffrey Steffan is all over my documentation as the Robo Signer. That is how I won my dismissal. Which then took 4 months to get the Final Order signed off. Which I just had a Motion for Summary Judgement hearing on Sept 30th, 11 on a dismissed cased! The home I am currently live in. That the Clerk of Courts keeps posting Online Foreclosure Sale dates on. Instead of notifying the Clerk of Courts that they can not selll my home since the case is dismissed and to remove the sale date (AGAIN). I kinda think it would be fun to ignore it. Come home one day to find my home and all it’s belongings emptied out and then hit the Media about the bogus home sale like a bat out of hell! BUT~ I have a pregnant woman living here and don’t want to put stress on her.

      The state of things are for lack of a better phrase “All fucked up!”

  11. Litgant says:

    Oh well, to the courts, to the courts, and I hope some of them to jail.

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