Ally To Take $270 Million Charge In 4Q For Foreclosure Matters
NEW YORK (Dow Jones)–Ally Financial Inc., one of the mortgage servicers in discussions with state and federal officials over a settlement of alleged foreclosure abuses, said Tuesday it will record a charge of about $270 million in the fourth quarter for expected regulatory penalties.
The charge is mainly for its Residential Capital mortgage subsidiary, which has caused headaches for Ally as it tries to launch an initial public offering to help pay back a government bailout it accepted during the financial crisis.
Ally said it recorded the charge effective Dec. 31, and it is expected to result in an overall net loss for the company in the fourth quarter. Ally is scheduled to report results Thursday.
The charge is for “penalties expected to be imposed by certain of our regulators and other governmental agencies in connection with foreclosure related matters,” the company said in a regulatory filing.
State and federal officials are close to finalizing a settlement worth as much as $25 billion with the largest mortgage servicers, including Ally, the Wall Street Journal reported this week. At least four other servicers are involved in the discussions: Bank of America Corp. (BAC), Citigroup Inc. (C), J.P. Morgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC).
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This happened in NJ . The first initiated a fc under the 2nd since they did not have a first mtg recorted, then they mistakenly sold the 2nd and realized that they could not continue w/o a recorded mortgage . They rec a court ofeder to file a copy of their 1st mortgage. The court order was signed in 2009 and they recorded the order in 12/28/11 . There is no assignment to them. I alsways thought a judge had to sign a court order but I guess it can be the court clerk. This involves GMAC so naturally it seems like something is not quite right.
What do you think
This is true to form with GMAC.I was foreclosed in 2011 and there sending me a 1098 that says thier paying the property taxes but the house still shows in our names.Get as far away as fast as you can as soon as you can these people are evil incarnate and have no scruples.I never financed with GMAC they were only my servicer.
Ok, spoke with the investigator finally…evidently they bought some toxic properties from Wamu/Chase (they did not say that but the properties mentioned were in Orlando..and the location was there so I know that is what they bought…and do I have a story to tell…Grove Park I believe..if any one bought properties through Wamu or Chase from that development …send me your story…
We are meeting with the investigators this eve.
I have been home all day yesterday and did not hear any knocking at my door but a card was left at my door with a message for me to call the person who happens to be a Freddie Mac Sr. Fraud investigator. I tried to text and also left message for her to get back to me…am wondering what she wants and am looking forward to getting some information from her also. So far no response from her…anything interesting I will share with you.
To Tell The Truth..That is interesting!…LOL!!!….the crooks are investigating themselves! Please let us know what they crooks have to say!
Remember, GMAC / ALLY/ Indy-mac/ Deutsche…Bankers Trust…ALL ONE AND THE SAME… Let us get a list of all those who had fraud closures and attempted fraud-closures by them and lets us compare the so called trust that are listed on the complaint…it may not surprise us to find out that they are using similar trust for everyone…duplicate trusts that is…when no such trust exist…the judge is not going to research if the trusts mentioned exists, nor even the banksters attorneys…they don’t care…
Remember some duplicate notes were showing up also in different courts/ Let me know and we can start to collect a list of those trust…will be happy to list mine also…
I have my docs robo signed by Jeffrey and also was with Stern…does anyone know what happen to the docs that Stern did not want to turn over to the banks until they paid him? What’s the story on that?
Every bank is owned by one bank the World Bank…owned by the Vatican/Rothschilds..the head of the beast..! Cant kill a giant octopus by chopping off a few tenticles…ABOLISH THE FED!
Its all a freaking toxic debt bomb….!..We need our own currency now… backed by natural resource revenue…Abolish the FED and the massive insolvent derivatives debt fraud of their perps!
I suspect Ally’s ResCap subsidiary works hand-in-hand with GMAC mortgage servicing abusing the foreclosure process. Google Jeffrey Stephan, Margie Kwiatanowski, Sheri Hall, Thomas Strain, and Scott Zeitz to see newspaper reports and/or court decisions around the country describing robosigning, false or misleading assignments, false notarizations, and employees lacking competency testifying at trial. There are also questions of whether securitized trusts have been made up to obtain foreclosure judgments. These acts appear to be a business strategy to obtain foreclosure judgments by any means rather than isolated incidents by rogue employees. Ally needs to be fined a greater amount, otherwise it’s just the cost of doing business and what appears to be Machiavellian business practices will continue.
GMAC started to take over all the loans serviced by Homecomings during the fiasco…how can they own these loans and yet Deutsche also owns them?? What has become of Homecomings?
I am not a member nor do I care to subscribe to the writer of the above article so if anyone can get me a complete copy of the article above please email to totellthetruth2@cpmcast.com…thanks
Homecomings Financial was an indirect wholly owned subsidiary of GMAC that originated subprime loans. It ceased operations in 2008. GMAC took over servicing Homecomings mortages. Your promissory note may have been sold to Deutsche and GMAC services it. There’s a description of the relationship between GMAC and Homecomings here: http://www.publicintegrity.org/investigations/economic_meltdown/articles/entry/1629/
Judy,
Get a lawyer! Most, about 90 plus percentage are trying to go it alone.
Bad idea.
Good Luck.
John…get a lawyer?…Do you mean as an advisor? Because if you mean hire a lawyer…to throw you under the bus and get you assassinated with a new unsustainable debt ….then you sir….don’t get the vast scope.of FORECLOSUREGATE..An attorney told me..with or without an attorney your chances are the same…that attorney told me..don’t even bother showing up to court..there is too much corruption…! Guess what…he is not lying!….Maybe you should sit in on Foreclosure Court and see what is really going on in there….! THE BANK ATTORNEYS ARE RUNNING THE COURT ROOMS….TELLING THE JUDGES WHAT TO DO!… GET A CLUE…THE JUDGES SHOULD NOT EVEN SHOW UP…JUST HAND THEIR ROBES TO THE BANK ATTORNEYS AND RESIGN!
True statement Ivent.It’s too bad our judicial system is run by the lawyers and this has been going on for years at least 20+ that I am aware of.Lawyers for the most part are sharks always circling in the water for new blood.Back in the day we called them ambulance chasers cause thats how they made thier money.
I Vent…remember that there are some good lawyers winning cases…
To Tell The Truth..I am only talking about what I see going on inside of these courtrooms..It looks like fascism to me..I have heard too many horror stories from homeowners about attorneys throwing them under the bus..and most dont even realize they were thrown under the bus! It is despicable!… A TRUE CRIME IN ITSELF that what the American People don’t know…is being used against them by the attorneys on both sides..These FRAUDCLOSURE Cases don’t even have Standing ….and shouldn’t even be being allowed to be brought without ABSOLUTE PROOF OF WHO OWNS THE LOAN…! These cases are being brought into Civil Courts of law based on lies, innuendo and mass deception…It is criminal that they are being allowed to deceive millions of people into stealing their homes and businesses for an unsecured debt that these crooks CANNOT EVEN PROVE THEY OWN!..or are being forced into loan mode and refis of INSOLVENT..UNSUSTAINABLE DEBT FRAUD…DEBT THAT CAN NEVER BE REPAID…! THE FRAUDCLOSURES MUST STOP! Fraudclosure is criminal and in fact FRAUDCLOSURE IS TREASON!.
My home was foreclosed with all the classic BAC/Stern fraud. I want to do what the Marine did and move back into my home. But Fannie Mae just took it over12/5/2011,changed the locks and listed it for sale. They have an offer on my home and it should close sometime this month. I’m 72 this was my retirement home. What can I do to stop this sale? Any advice is appreciated.
Judy
If I were you and I was up to a fight I would contact Occupy and have them move in too. Email Mandelman
and tell him your story. There are a lot of DOERS out here that will help out as best we can.
Are you up to it?
Ally GMAC involved in Robo signing?Surely you jest!!The money they are reporting isn’t near enough for everything they have cost everyone who had the misfortune of being involved with these mis be gotten bastards.