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Old 10-02-2010, 05:26 AM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 14,560,051 times
Reputation: 6379

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Moody's places $7.6 billion of GMAC-serviced RMBS on review « HousingWire

The insurance companies aren't going to insure them now, because of liability issues. That foreclosed house you bought? It might still belong to the other guy... or at least, be caught up in litigation hell forever.

P.S. I hate GMAC. I bought a house years ago and the loan was sold to GMAC. The first months payment was sent to the original loan folks - forget who they were- who then sold the loan...and kept the payment.

GMAC hounded me for 6 months, threatened to destroy my credit, called me during dinner, stressed the hell out of my wife, and really didn't seem to care that I had made the payment to someone else. I sent a copy of the check - twice - to their collection agency - and it didnt stop. Then I got a name of a boss, sent them a certified letter and a copy of the cashed check and told them i would sue the ever living hell out of them if they contacted me again about it. Then it stopped.

It's too bad though.; GMAC is a bank now. It can't be allowed to fail.

Can you imagine having a business where no one wanted to buy your goods or services, and it didn't matter? Because you can't be allowed to go under? That's awesome.

//www.city-data.com/forum/busin...mentioned.html
Posted that 12-25-2008, 11:34 PM ... man. It's been one long, slow train wreck. Heh.
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Old 10-06-2010, 09:14 PM
 
Location: Wherever women are
19,011 posts, read 27,036,071 times
Reputation: 11309
Looks like they are really effed

Ohio AG sues GMAC, Ally over foreclosure fraud - MarketWatch

I'll shed no tear for GMAC. They ripped many people off.
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Old 10-06-2010, 09:50 PM
 
Location: Great State of Texas
86,068 posts, read 77,036,785 times
Reputation: 27654
Well..HR3808 will save their butts.

Allows states to recognize notarizations from other states via electronic means.
Bill passed both House and Senate with NO debate and is sitting on Obama's desk.

These banks will not get in trouble and will be able to continue to foreclose on homes they don't own. Just wait and see. WE, the people, do not run the government.

H.R.3808: Interstate Recognition of Notarizations Act of 2009 - U.S. Congress - OpenCongress

Bank foreclosure cover seen in bill at Obama's desk | Reuters

Is HR3808 The Equivalent Of TARP 2 And Obama's "Get Out Of Bail" Gift Card For The High Frequency Signing Scandal? | zero hedge
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Old 10-06-2010, 09:55 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
27,350 posts, read 45,517,300 times
Reputation: 31715
I have a sneaking suspicion that it is not gonna be the banks or big lenders than get screwed on this deal. (or any deal where their lobby and political buddies can bail them out)
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Old 10-06-2010, 10:19 PM
 
Location: Great State of Texas
86,068 posts, read 77,036,785 times
Reputation: 27654
Quote:
Originally Posted by StealthRabbit View Post
I have a sneaking suspicion that it is not gonna be the banks or big lenders than get screwed on this deal. (or any deal where their lobby and political buddies can bail them out)
He who has the money gets to make the rules.

(And if the rule isn't on the books..a quick call to DC will get a bill passed pronto)
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Old 10-07-2010, 09:39 AM
 
Location: Business ethics is an oxymoron.
2,174 posts, read 2,628,180 times
Reputation: 4861
Quote:
Originally Posted by HappyTexan View Post
He who has the money gets to make the rules.
Yup. Exactly. Remember two things. 1) the dollar trumps principle every time. And 2) when GMAC screws someone over, it gets chalked up to "mistakes were made" and we move on because the Greater Good is much more important than the Pootywinkle family from Little Pinto, UT. Conversely, if you default on your bills, you have a moral obligation to pay back every cent owed including interest-up to and including selling your children into a Korean child trafficking ring or your mother to prison (so as to get those free license plates, which would free up more of your money to pay back the Big Banks.).

Remember. You need Wall Street. Wall street doesn't need you.
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Old 10-07-2010, 09:44 AM
 
Location: Fairfield, CT
6,364 posts, read 9,351,727 times
Reputation: 7338
GMAC is a disgrace that should be put out of its misery.
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Old 10-07-2010, 08:01 PM
 
Location: rain city
2,958 posts, read 11,863,766 times
Reputation: 4927
Obama To Veto H.R. 3808



President Barack Obama won't sign into law an overlooked piece of legislation that critics say would make it easier for banks and others to process foreclosure proceedings without human signatures, a person familiar with the matter said.

Obama hasn't yet issued a veto during his presidency. In this instance, he will send the bill back to Congress using a process known as a "pocket veto."

His decision comes amid growing complaints from lawmakers that the administration and regulators haven't done enough to intervene in a scandal tied to thousands of foreclosures that critics argue were processed with improper documentation.


Obama To Veto H.R. 3808 | zero hedge
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Old 10-07-2010, 08:20 PM
 
Location: Great State of Texas
86,068 posts, read 77,036,785 times
Reputation: 27654
Quote:
Originally Posted by azoria View Post
Obama To Veto H.R. 3808



President Barack Obama won't sign into law an overlooked piece of legislation that critics say would make it easier for banks and others to process foreclosure proceedings without human signatures, a person familiar with the matter said.

Obama hasn't yet issued a veto during his presidency. In this instance, he will send the bill back to Congress using a process known as a "pocket veto."

His decision comes amid growing complaints from lawmakers that the administration and regulators haven't done enough to intervene in a scandal tied to thousands of foreclosures that critics argue were processed with improper documentation.


Obama To Veto H.R. 3808 | zero hedge
Dang..Obama finally grew a pair.
The banksters will be very angry over this.
Should we be on the lookout for another "flash crash" ?
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Old 10-08-2010, 11:58 AM
 
Location: Great State of Texas
86,068 posts, read 77,036,785 times
Reputation: 27654
And look what's happening...Obama made a good move in not signing HR3808.
We need more of actions like this to stop the financial corruption going on in America.
Notice the word "crisis" ?

BofA halts foreclosure sales in 50 states - Yahoo! News (http://news.yahoo.com/s/ap/20101008/ap_on_bi_ge/us_foreclosure_mess - broken link)

"Potential flaws in foreclosure documents are threatening to throw the real estate industry into a full-blown crisis, as Bank of America on Friday became the first bank to stop sales of foreclosed homes in all 50 states"
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