Ally Comes Crawling Back to Massachusetts

By: Thursday March 15, 2012 2:20 pm

Remember after Martha Coakley sued leading banks for illegal foreclosures in Massachusetts, when Ally Bank, one of the market leaders, stopped most of their lending in the state in a fit of pique? They actually only dropped their correspondent lending business, where a smaller bank does the origination and they pick up the loan later. They always continued direct lending to homeowners in Massachusetts. The entire enterprise was a bullying attempt to create bad headlines for Coakley and perceived repercussions for her actions.

Now, three months later, Ally has quietly returned to even the correspondent lending business.

Massachusetts, Florida Look to Wrap Up Foreclosure Due Process

By: Thursday March 1, 2012 10:30 am

As much as state and federal officials want to describe the foreclosure fraud settlement as a beginning, in many respects it was most certainly an ending. Analysts invested in the meme that “uncertainty” was crippling the housing market now are heavily invested in saying that the clearing of this uncertainty through the settlement will speed up the foreclosure machine. Diana Olick gives a version of that today which makes absolutely no sense, because all the data comes from the fourth quarter of 2011.

But nevertheless, she’s on to something.

MA AG Coakley Lawsuit Against Banks Ripped to Shreds in Settlement

By: Thursday February 9, 2012 6:31 pm

So here’s one lagging mystery about the foreclosure fraud settlement: what becomes of Massachusetts AG Martha Coakley’s lawsuit against five banks over deceptive practices and illegal foreclosures? Now we know.

Inside the Coakley Foreclosure Fraud Lawsuit

By: Thursday December 1, 2011 3:15 pm

Simply put, Coakley seeks penalties for “unfair and deceptive practices” in violation of state consumer protection laws, in particular the Massachusetts Consumer Protection Act.

10,000 GMAC Foreclosures Stopped in Maryland

By: Sunday January 16, 2011 7:35 am

In a major ruling Friday, a coalition of nonprofit defense lawyers and consumer protection advocates in Maryland successfully got over 10,000 foreclosure cases managed by GMAC Mortgage tossed out, because affidavits in the cases were signed by Jeffrey Stephan, the infamous GMAC “robo-signer” who attested to the authenticity of foreclosure documents without any knowledge about them, as well as signing other false statements.

Banks, Allies Circling Wagons After Ibanez Ruling

By: Thursday January 13, 2011 7:10 pm

The banks are right to be worried, as evidenced by this flurry of activity. Homeowners and investors alike are getting smarter about the scams that the banks have tried to use in recent years. They are engaged in a more public strategy to identify criminal fraud and dictate the terms of an acceptable settlement. They have studied the games the banks play and know how to point them out to a judge. This is a good example of that.

Ibanez set off the alarm bells among the corporatist sources. But the unlikely allies – foreclosure victims, public interest lawyers, academics, investors – have been ready for this for a while.

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