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Ally Financial Inc.’s GMAC Mortgage unit told brokers and agents to halt foreclosures on homeowners in 23 states including Florida, Connecticut and New York.
GMAC Mortgage may “need to take corrective action in connection with some foreclosures” in the affected states, according to a two-page memo dated Sept. 17 and obtained by Bloomberg News. Ally Financial spokesman James Olecki confirmed the contents of the memo. Brokers were told to stop evictions, cash-for-key transactions and lockouts, regardless of occupant type, with immediate effect, according to the document, addressed to G
Barclays Capital analysts told clients in a note today the action may involve issues with officials in so-called judicial states where lenders must appear before a judge before starting foreclosure proceedings. Of the 23 states listed in the memo, all except North Carolina are judicial states, and the only judicial state not on the list is Delaware, the analysts led by Jasraj Vaidya wrote.