GMAC to Review Foreclosure Documents Nationwide

By: Associated Press
By: Associated Press

Washington, D.C. (AP) - GMAC Mortgage says it will review all its
foreclosures nationwide to determine whether documents contain
errors. But it's stopping short of a nationwide foreclosure freeze.
The company says its review will determine whether foreclosures
in all 50 states were handled according to state laws.
GMAC's move expands its response to evidence that its employees
signed foreclosure documents without reading them. GMAC is still
initiating foreclosures nationwide. But it's stopped evicting
homeowners and selling foreclosed homes in the 23 states that
require judges' approval.
GMAC, owned by Ally Financial Inc., is among four major lenders
that have acknowledged problems in handling foreclosure documents.
So far, only Bank of America has stopped seizing foreclosed homes
nationwide.

(Copyright 2010 by The Associated Press. All Rights Reserved.)


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