GMAC Dropping Maryland Foreclosure Cases – Three News Feeds
News Feed from the Baltimore Sun, the HOUSINGWIRE and FDL:
Here is the article from the Baltimore Sun. In a nutshell, foreclosure paperwork was “robo signed” which in turn ignited a class action suit against GMAC. This does not mean that GMAC is dropping the foreclosure process, but re-evaluating these cases which in turn gives a second chance for borrowers to save their homes.
Also from the HOUSINGWIRE website: “Baltimore non-profit Civil Justice, Inc. and the University of Maryland School of Law Consumer Protection Clinic brought what they’re calling the first ever defense class action suit against the mortgage company in October, alleging wrongful foreclosure due to faulty foreclosure affidavits.”
From the FDL News Desk: “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.”
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