Attorney General Cordray is going to need some time to prosecute this case. But he has an election coming up in a little over 3 weeks, against former Senator Mike DeWine. The latest poll shows him slightly behind, 44-38. It is imperative that Cordray and his team be given the time to reach discovery in this case and untangle the crooked web everyone suspects is at the heart of the mortgage lending industry.
|By: David Dayen Friday October 8, 2010 12:50 pm|
|By: David Dayen Wednesday October 6, 2010 2:10 pm|
In addition to seeking penalties from GMAC in the lawsuit for their violations of state laws and perpretration of fraud, Cordray wants a “preliminary and permanent injunction” against all foreclosures by GMAC in any pending case. If he were to file future lawsuits – and I believe he will – he would move to do the same in those cases. That would effectively end all foreclosure proceedings in Ohio, a judicial foreclosure state.
|By: David Dayen Saturday October 2, 2010 10:15 am|
Yesterday, five homeowners in the state of Maine filed a class action suit against GMAC Mortgage, accusing them of filing knowingly false certifications for foreclosure, and false affadavits which back up the documents. Maine is one of the 23 states where judicial sign-off is required to move ahead with a foreclosure, and where GMAC (now Ally Financial) has suspended evictions.
|By: David Dayen Saturday September 25, 2010 1:00 pm|
When Ally Financial, formerly GMAC Mortgage, appeared to suspend foreclosure evictions in 23 states, they left out the ones where a judge is not required to sign off on foreclosures, including California, one of the four “sand states” with a massive amount of delinquencies and defaults. However, Attorney General Jerry Brown, who is running for Governor, has found a reason to demand a delay to any Ally/GMAC foreclosures:
|By: David Dayen Monday September 20, 2010 4:05 pm|
GMAC, the struggling financing arm of General Motors, whose mortgage arm holds $26 billion of mortgages, just suspended foreclosures in 23 states in a harried, chaotic policy shift. The only thing I can think of to elicit that kind of reaction is the noose tightening around foreclosure fraud.
|By: David Dayen Thursday August 26, 2010 4:20 pm|
Today’s story comes from Jane Powell of Oakland, California. She’s spent 10 months waiting for just a trial modification, and the banks have used every request they could for more paperwork to finalize things. And GMAC has not been sanctioned in any way for this behavior from Treasury or any federal regulator. Homeowners are falling into a terrible trap.
|By: wavpeac Tuesday August 10, 2010 1:10 pm|
After hearing Mr. Gibbs’ remarks about “the professional left” needing drug testing, my blood began to boil. This diary is an attempt to share a slice of the middle America pie which has valid complaints about the job left undone by President Obama. Sure, Obama has tried — but when you are bleeding to death, a bandaid is little comfort.