It looks like you're using an Ad Blocker.

Please white-list or disable in your ad-blocking tool.

Thank you.


Some features of ATS will be disabled while you continue to use an ad-blocker.


.Ally's GMAC Mortgage Halts Home Evictions in 23 States

page: 1

log in


posted on Sep, 21 2010 @ 03:26 PM

.Ally's GMAC Mortgage Halts Home Evictions in 23 States

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
(visit the link for the full news article)

Related News Links:

Related Discussion Threads:
62 million forclosure proof homes obama to change law to protect banks
forclosures fraudulent and coming to an end in california

posted on Sep, 21 2010 @ 03:26 PM
this is stunning that another large morgage provider cannot now foreclose in 17 states
this follows on from court rulings that MERS
has no lawful standing to foreclose on home owners
there is a paridime shift happening in america where the acual laws if followed to the letter stop the banks from fraudulently foreclosing on owners
alot of people dont realize that the banks and morgage brokers are perpertrating fraud
the american economy can never recover if people are thrown into the street in their millions
this is a positive effect for the economy as people may get their deposits back even if illegally foreclosed on by preditor banks

america can only recover when the housing market stabilizes and this will keep many families whos only fault was to live in a down turn from losing the security and comfort of their houses

i ask when all americans are living on the street and the banks cant find anyone to sell to who do you think will be buying up america at pennys on the dollar?

america can use the lawful decitions of courts against MERS and GMAC to keep their houses

remorgage with your small local banks and kickstart the economy

i will post info about MERS and GMAC

consult a lawer as this is news not legal advice (visit the link for the full news article)

posted on Sep, 21 2010 @ 03:43 PM
reply to post by XPLodER

It says the BUYERS will get their deposits back if they want to cancel their purchase agreement, not the people who are getting foreclosed. Looks like they are only halting for 30 days anyway.

As for who will by these properties. That would be investors like my self. These banks are also selling the mortgages attached to these properties at a greater discount.

No lender, local or national is going to refinance a homeowner that has NO EQUITY.

posted on Sep, 21 2010 @ 03:49 PM
as an economic model if all houses are on the market and no americans have the money to buy or live in them then who
do you think ends up with them? its not the banks its offshore investors who will own the land and the houses for pennys on the dollar
america the country will be owned by forigners who care little for your right wants and needs
this puts a further squeeze on existing home owners as more and more people lose equity in their houses
it kinda works like donimos
if you dont stop the fall all houses will end up worthless making all poor
will the banks stop this ?no
will the courts ? yes

will people realize this is an economic attack on your country to make you debt slaves living on the land your ancestors faught and died for paying rent to people who bought your country for mere cents from money created out of thin air


posted on Sep, 21 2010 @ 03:53 PM
reply to post by topdog30

read up about mers and illegal foreclosure
court rulings are increasingly in favour of the home owners in many states
this current ruling although only 30 days is the begining of something much bigger
similar to the mers decition
it started with a few homes and is expanding accross the country
so will this
people will always profit from anothers loss kinda like a parisite
but the parasitic nature of this WILL kill the host (the american family)


posted on Sep, 21 2010 @ 04:03 PM
reply to post by topdog30

lol the no equity thing makes me laugh
the fact the these instatutions have no legal standing to foreclose or reposes is the key fact
the 30 days are so more time can be given to stop illegal foreclosure
in some cases people who have already been foreclosed on will get all their money back
this means they lose no equity and might want to rebuy at current market rates

these instatutions havent been following the law and now their fraud is being exposed
to the benifit of the people not the banks lol

mark my words the banks would and have been screwing the people and would foreclose on anyone for a buck

tables are turning on them

america is families in houses
not banks with empty houses


posted on Sep, 21 2010 @ 04:23 PM
I have already had discussions with my attorney about this so called MERS. Doesn't look like it will affect my investment strategy at all.

I do know some foreign investors buying here, but the majority of the big buyers are the hedge funds and other private investors located here in the US.

Could you please give me an example of one of these so called illegal foreclosures.

posted on Sep, 21 2010 @ 04:33 PM
reply to post by topdog30

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.

clearly if these foreclosures must be adressed before a judge and some were not the legal standing of the foreclosures is in doubt
i beleive this comes down to a matter of legal standing in court
a similar action has been used to stop mers foreclosures


hope this helps


edit on 21-9-2010 by XPLodER because: spelling correction

posted on Sep, 21 2010 @ 07:01 PM
reply to post by topdog30

Picking the bones of the American family is no way to live.

These banks have ruined our nation and people that are investing in that are as corrupt as the banks.

"Just because you can does not mean you should." ~God

posted on Sep, 21 2010 @ 07:55 PM
reply to post by LoneGunMan

its funny how picking the bones is what the banks do
its funny that people who pick the bones think this is capailizm
i call it corpatizm
set up an unlawful system and profit from the breaking of laws
sounds like a concerted criminal enterprise operating across state lines
R.I.C.O. anyone?

this will eventually expose the real evil of the world
interest bering inflation

this system relys on the ignorence of the masses
and the fact that untill now most courts wouldnt want to upset the apple cart

funny thing is that this form of capitalizm is like a parasite that got too gready and the host has noticed the fact they are now in a fight for survival

non of this is funny or aceptable
there is a change comeing and the banks are going to be treated as they have been treating others
guess my mother was right

treat people how you would want to be treated

in this case the banks are criminal so we should treat them as such

this is the first politician other than ron paul that i know of to go for the throat of the parasite thats killing us

more will follow


posted on Sep, 21 2010 @ 09:54 PM
I’m hearing more whispers about a “Hail Mary” by Obama administration as the election draws near. The speculation is some sort of Uncle Sam backs all Fannie and Freddie mortgages if creditors take a 10% or so haircut. The thinking is that puts some sort of floor under the real estate market. Crazy thinking as I believe it won’t be long for the world realizes we can’t possibly service all this debt without paying something (if not all) to the piper and the U.S. Dollar goes into cardiac arrest.

this bails out the banks in the case of a morgage revolt by putting the tax payer on the hook for the losses yet again
if obama allows this there can be no doubt who he works for

top topics


log in