Posted on 10/06/2010 9:20:14 PM PDT by Kartographer
Ohio Attorney General Richard Cordray announced a lawsuit Wednesday against GMAC Mortgage LLC and its parent Ally Financial Inc., accusing the loan servicer of filing fraudulent documents "to mislead courts in hundreds of Ohio foreclosures."
(Excerpt) Read more at marketwatch.com ...
Story’s pretty thin on details. Are they talking about a suit arising out of GMAC trying to foreclose without complete documentation?? Levin has mentioned that a few times in the past week or so.
Is that what this suit is about?
Is that a bailout bank? If so, wonder if they’ll try to claim sovereign immunity...
Here’s the actual filing:
http://www.ohioattorneygeneral.gov/GMACLawsuit
A couple of things jump out at me in this 5.0MB .pdf file:
1. The Ohio AG is going after GMAC, Ally and Jeffery Stehpan, jointly and severally, for
2. Fraud upon the court (ie, swearing false affidavits), and
3. violation of the Ohio Consumer Sales Protection Act,
4. and the OH AG is seeking $25,000 in damages for every act of fraud upon the court committed by the defendant(s), and
5. and an injunction preventing Ally/GMAC from proceeding with any foreclosure until Ally/GMAC institute changes whereby affiants have actual, true knowledge of the cause of a foreclosure and have actually *read* what they’re signing,
6. and the OH AG wants punitive damages,
7. And they want a jury trial.
The case is citing the depositions of Stephan in the Maine and Florida cases and the judgement in the Maine case handed down a couple weeks ago.
In short, Ally/GMAC and their robo-signer are screwed. They lied to a court, now they have an AG coming after them for fraud upon the court system.
In the .pdf is a long exhibit of affidavits sworn by Stephan as LSO of GMAC/Ally Bank.
Which or how many servicing agent(s) own your deed of trust?
If that cannot be verified what would keep an agent from pocketing the money for themselves if they feel that a proper paper trail will never be established. Add to that, the possibility that a homeowner continues to pay their mortgage could potentially be construed as contributing to fraud, no?
Q1..Do the banks really care if foreclosures happen or not?
Q2..Do banks really care to help homeowners refinance so they can stay in their homes and continue to make payments?
Well, if you are of the mind to think that US BANKS more than likely have all taken out INSURANCE with AIG to cover thier AS!!! in the event of foreclosures you might be right.
So in this situation, the answers to the above questions would be:
NO
and
NO
Ohio was strongly against Obamacar as their retirement was hamstrung, and it hurt the state employees, IIRC.
They were heavily invested, and the fact that secured creditors were given the shaft in court is very troublesome, to say the least.
Anybody being foreclosed on who doesn’t demand that the holder in due course identify itself and produce a contract is a fool.
I would’ve rather Cordray sue the feds over Obamacare.
Hopefully that’ll happen after the election.
“The chickens are bringing their mortgages home to roost.”
Indeed they are.
It started with GMAC/ Ally Financial GMAC Mortgage. Now the same "old" story is replaying itself in many states with politically active in "social justice" AG's and judges. All it's going to do is slow down evictions for non-payments / defaults on mortgages and allow "strategic defaulters" live rent-free longer in the properties they no longer care about; the houses stay off the market longer and increasing losses to the banks (which they will have to recoup by increasing customer fees and/or other gimmicks and service cuts).
See:
Big Bank Foreclosure Delays Signal Big Trouble - CNBC, by Diana Olick, 2010 September 30
BofA Suspends Foreclosures; States Look at JPMorgan - CNBC / AP, 2010 October 02
Foreclosure mess continues to deepen in S. Fla. - South Florida Business Journal, by Kevin Gale, 2010 October 01
Smaller banks shielded from foreclosure mess - South Florida Business Journal, by Brian Bandell and Susan R. Miller, 2010 October 01
Ohio Ping
He should have filed Criminal Charges against All persons involved, Immediately begin seizing their assets as ill-gotten gains, and force them to post bail with funds that are clean (not from the fraud they have perpetrated) just like in California for Rizzo.
Sounds like the beginng of another fade going unhindered throughout the US. Sub prime mortgages and now foreclosures going through the legal sytem of being challenged. Lets see, you can live in the house, not pay your mortgage and no bank can foreclse on you at anytime. Gee that is cheaper than rent. Where do I sign up for this benefit (sarcasm)..I pay my mortgage every month and two people are happy the bank and me. Something sounds rather fishy with all this transpiring with the economic times.
But this is no longer about just foreclosures. Even people who have made their payments are now in trouble because there is no way to make sure 100% that the deed is clean. The mortgages have been bundled and sold and resold, bundles have been sold piece meal most of the transfers were never legal recorded. So even those paying off their mortgages could end up with a house they can not sell. So that being the case should you continue paying for a house that you might never really own??
“is replaying itself in many states with politically active in “social justice””
So enforcing the law is “social justice”? When did you start supporting bank fraud, perjury, forgery and other major economic crimes?
it is not just not filing documents.
it is lying on court papers.
false documents
lack of standing to file suit
bully tactics
falsly representing settlement authoritity at court mediations
Ohio federal and state courts have cases where forclosures were dismissed WITH PREJUDICE because of “irregularities”. The law applies equally to both sides.
gnip
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