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AND SO IT BEGINS ? GMAC, JEFFREY STEPHAN SUED BY VINDICTIVE HOMEOWNER

By Implode-Explode Heavy Industries

"And so it begins. In one of the state?s first lawsuits made by a distressed homeowner against a bank on the basis of alleged fraud during the foreclosure crisis, an Ohio man is out to get GMAC for knowingly presenting improperly-prepared paperwork in the process of his judicial foreclosure case. Yesterday, Michael Fox of Johnstown filed suit against GMAC Mortgage and Jeffrey Stephan, a bank employee who allegedly signed thousands of foreclosure affidavits without any actual knowledge of the cases therein. Stephan, who was deposed in January as part of a separate suit in Florida, admitted that during his tenure as a GMAC ?robo-signer,? he signed off on around ten thousand foreclosures a month without once looking at the paperwork."

Full post as published by Mortgage Lender Implode-o-Meter on October 17, 2010 (boomark / email).