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Loan Modification

: Mortgage Lender Implode-o-Meter

How Serious is the GMAC Problem? Pretty Serious and Not Just GMAC

By Implode-Explode Heavy Industries

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"The news reports on GMAC Mortgage?s decision to halt evictions and foreclosure sales in 23 states, as originally reported by Bloomberg News, has generated keen interest in the mortgage and securitizaion communities. One reason is the oddly abrupt and broad nature of GMAC Mortgage?s action. GMAC Mortgage subsequently issued a rebuttal of sorts to the article. Not only did it fail to clairify matters, it is inconsistent with the actual notice it sent last week."

Full post as published by Mortgage Lender Implode-o-Meter on September 21, 2010 (boomark / email).

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