Ally - a division of GMAC is stopping all Foreclosures

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Birchtree said:
Free housing - how great is that. Someone wants votes.
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I think, as the article noted, We, the taxpayers own 56% of GMAC and gouging homeowners out of their house so they, GMAC, can try to unload it off their balance sheets to Freddie or Fannie (essentially double dipping the taxpayer) instead of working out a feasible option or mortgage restructure, isn't acceptable anymore in the current economic environment.
Get ready to see the rest of the non-compliant home lenders do the same.
They were all supposed to help with restructuring of feasible cases as part of the bailout.
You know, BT, for someone of your asset category, you are certainly cynical.
How much will make you less bitter?
 
An equity position of $3M would certainly help. You do know the death tax is to return at 55% and some donkey quacks want to raise it to 65%. Allah we need help to destroy these liberals before their redistribution programs leave us with nothing.
 
Birchtree said:
An equity position of $3M would certainly help. You do know the death tax is to return at 55% and some donkey quacks want to raise it to 65%. Allah we need help to destroy these liberals before their redistribution programs leave us with nothing.
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Allah?? :rolleyes:
How about a volunteer day at your local Food Bank.
You're retired with lots of time on your hands, you could help some people who choose to be poor and homeless have a meal.
 
I've devoted my whole life to serving humanity. First with 18 months in Vietnam and then 40 years working in health care saving lives. The poor can fend for themselves at this point.
 
You are both wrong.

Ally (formerly GMAC) is suspending all foreclosures because of testimony that they were not properly reviewing the documents before foreclosing on people. A GMAC manager testified that he was signing 10,000 foreclosure packages a month, and he didn't read them before he signed them.

See http://www.npr.org/blogs/money/2010/09/23/130067770/evicted-by-a-robo-signer

It means that some who are being foreclosed upon have a very good legal challenge to their case.

And here are details:
http://www.npr.org/templates/story/story.php?storyId=130052495

This is simply Ally's (GMAC's) response to make sure they have proper checks and balances in place, and are not foreclosing upon people who are paying their bills.

In one case, another bank foreclosed on a house that a man had paid cash for (no mortgage). Yet the bank was so rushed in processing foreclosures that it never checked.

How would you like to be kicked out of your house that was paid off, because of a bank error?
 
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