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September 20, 2010 at 8:26 AM #607816September 20, 2010 at 9:54 AM #606793
UCGal
Participant[quote=flu]Apparently, Ally didn’t get Well’s email…
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 GMAC preferred agents.
The company will also suspend sales of properties on which it has already foreclosed. The letter tells brokers to notify buyers that the company will extend the closing date on all sales by 30 days. Buyers will be able to cancel their agreement to purchase and get their deposit back, according to the letter.
GMAC Mortgage ranked fourth among U.S. home-loan originators in the first six months of this year, with $26 billion of mortgages, according to industry newsletter Inside Mortgage Finance. Wells Fargo & Co. ranked first, with $160 billion, and Citigroup Inc. was fifth, with $25 billion.
GMAC was created in 1919 to provide financing for buyers of General Motors Co.’s vehicles. GMAC converted into a bank holding company in 2008 as it received more than $17 billion of government funds during the financial crisis. It rebranded itself Ally Financial last year, and continues to offer auto loans and mortgages.
Following is a table of the affected states.[/quote]
This was discussed in the comments on CalculatedRisk this morning. The states listed are all judicial foreclosure states. As mentioned, CA is not mentioned. Coincidence?
September 20, 2010 at 9:54 AM #606881Participant[quote=flu]Apparently, Ally didn’t get Well’s email…
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 GMAC preferred agents.
The company will also suspend sales of properties on which it has already foreclosed. The letter tells brokers to notify buyers that the company will extend the closing date on all sales by 30 days. Buyers will be able to cancel their agreement to purchase and get their deposit back, according to the letter.
GMAC Mortgage ranked fourth among U.S. home-loan originators in the first six months of this year, with $26 billion of mortgages, according to industry newsletter Inside Mortgage Finance. Wells Fargo & Co. ranked first, with $160 billion, and Citigroup Inc. was fifth, with $25 billion.
GMAC was created in 1919 to provide financing for buyers of General Motors Co.’s vehicles. GMAC converted into a bank holding company in 2008 as it received more than $17 billion of government funds during the financial crisis. It rebranded itself Ally Financial last year, and continues to offer auto loans and mortgages.
Following is a table of the affected states.[/quote]
This was discussed in the comments on CalculatedRisk this morning. The states listed are all judicial foreclosure states. As mentioned, CA is not mentioned. Coincidence?
September 20, 2010 at 9:54 AM #607436Participant[quote=flu]Apparently, Ally didn’t get Well’s email…
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 GMAC preferred agents.
The company will also suspend sales of properties on which it has already foreclosed. The letter tells brokers to notify buyers that the company will extend the closing date on all sales by 30 days. Buyers will be able to cancel their agreement to purchase and get their deposit back, according to the letter.
GMAC Mortgage ranked fourth among U.S. home-loan originators in the first six months of this year, with $26 billion of mortgages, according to industry newsletter Inside Mortgage Finance. Wells Fargo & Co. ranked first, with $160 billion, and Citigroup Inc. was fifth, with $25 billion.
GMAC was created in 1919 to provide financing for buyers of General Motors Co.’s vehicles. GMAC converted into a bank holding company in 2008 as it received more than $17 billion of government funds during the financial crisis. It rebranded itself Ally Financial last year, and continues to offer auto loans and mortgages.
Following is a table of the affected states.[/quote]
This was discussed in the comments on CalculatedRisk this morning. The states listed are all judicial foreclosure states. As mentioned, CA is not mentioned. Coincidence?
September 20, 2010 at 9:54 AM #607543Participant[quote=flu]Apparently, Ally didn’t get Well’s email…
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 GMAC preferred agents.
The company will also suspend sales of properties on which it has already foreclosed. The letter tells brokers to notify buyers that the company will extend the closing date on all sales by 30 days. Buyers will be able to cancel their agreement to purchase and get their deposit back, according to the letter.
GMAC Mortgage ranked fourth among U.S. home-loan originators in the first six months of this year, with $26 billion of mortgages, according to industry newsletter Inside Mortgage Finance. Wells Fargo & Co. ranked first, with $160 billion, and Citigroup Inc. was fifth, with $25 billion.
GMAC was created in 1919 to provide financing for buyers of General Motors Co.’s vehicles. GMAC converted into a bank holding company in 2008 as it received more than $17 billion of government funds during the financial crisis. It rebranded itself Ally Financial last year, and continues to offer auto loans and mortgages.
Following is a table of the affected states.[/quote]
This was discussed in the comments on CalculatedRisk this morning. The states listed are all judicial foreclosure states. As mentioned, CA is not mentioned. Coincidence?
September 20, 2010 at 9:54 AM #607861Participant[quote=flu]Apparently, Ally didn’t get Well’s email…
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 GMAC preferred agents.
The company will also suspend sales of properties on which it has already foreclosed. The letter tells brokers to notify buyers that the company will extend the closing date on all sales by 30 days. Buyers will be able to cancel their agreement to purchase and get their deposit back, according to the letter.
GMAC Mortgage ranked fourth among U.S. home-loan originators in the first six months of this year, with $26 billion of mortgages, according to industry newsletter Inside Mortgage Finance. Wells Fargo & Co. ranked first, with $160 billion, and Citigroup Inc. was fifth, with $25 billion.
GMAC was created in 1919 to provide financing for buyers of General Motors Co.’s vehicles. GMAC converted into a bank holding company in 2008 as it received more than $17 billion of government funds during the financial crisis. It rebranded itself Ally Financial last year, and continues to offer auto loans and mortgages.
Following is a table of the affected states.[/quote]
This was discussed in the comments on CalculatedRisk this morning. The states listed are all judicial foreclosure states. As mentioned, CA is not mentioned. Coincidence?
September 20, 2010 at 12:14 PM #606888sdrealtor
ParticipantI hate to say it but everytime I see this topic on the Active Forum Topic list it makes me chuckle. It sounds like more of the “Foreclosure Tsunami is Coming” talk we have learned to take with a grain of salt after so many false calls.
September 20, 2010 at 12:14 PM #606976ParticipantI hate to say it but everytime I see this topic on the Active Forum Topic list it makes me chuckle. It sounds like more of the “Foreclosure Tsunami is Coming” talk we have learned to take with a grain of salt after so many false calls.
September 20, 2010 at 12:14 PM #607531ParticipantI hate to say it but everytime I see this topic on the Active Forum Topic list it makes me chuckle. It sounds like more of the “Foreclosure Tsunami is Coming” talk we have learned to take with a grain of salt after so many false calls.
September 20, 2010 at 12:14 PM #607639ParticipantI hate to say it but everytime I see this topic on the Active Forum Topic list it makes me chuckle. It sounds like more of the “Foreclosure Tsunami is Coming” talk we have learned to take with a grain of salt after so many false calls.
September 20, 2010 at 12:14 PM #607957ParticipantI hate to say it but everytime I see this topic on the Active Forum Topic list it makes me chuckle. It sounds like more of the “Foreclosure Tsunami is Coming” talk we have learned to take with a grain of salt after so many false calls.
September 22, 2010 at 9:44 AM #607878jpinpb
ParticipantCame across this listing 2668 Deerpark Here’s the description:
Looking for a cash back up offer, subject to cancellation of current escrow. Lender states escrow must close by 9/29/10, no postponement of sale date of 9/30 will be allowed with new wells fargo guidelines. Single story 3bed/1.5 ba. Large level lot with view of mission bay. Property to be sold ‘as-is’. Please do not disturb occupants, thanks!
I added bold for emphasis.
September 22, 2010 at 9:44 AM #607964ParticipantCame across this listing 2668 Deerpark Here’s the description:
Looking for a cash back up offer, subject to cancellation of current escrow. Lender states escrow must close by 9/29/10, no postponement of sale date of 9/30 will be allowed with new wells fargo guidelines. Single story 3bed/1.5 ba. Large level lot with view of mission bay. Property to be sold ‘as-is’. Please do not disturb occupants, thanks!
I added bold for emphasis.
September 22, 2010 at 9:44 AM #608516ParticipantCame across this listing 2668 Deerpark Here’s the description:
Looking for a cash back up offer, subject to cancellation of current escrow. Lender states escrow must close by 9/29/10, no postponement of sale date of 9/30 will be allowed with new wells fargo guidelines. Single story 3bed/1.5 ba. Large level lot with view of mission bay. Property to be sold ‘as-is’. Please do not disturb occupants, thanks!
I added bold for emphasis.
September 22, 2010 at 9:44 AM #608625ParticipantCame across this listing 2668 Deerpark Here’s the description:
Looking for a cash back up offer, subject to cancellation of current escrow. Lender states escrow must close by 9/29/10, no postponement of sale date of 9/30 will be allowed with new wells fargo guidelines. Single story 3bed/1.5 ba. Large level lot with view of mission bay. Property to be sold ‘as-is’. Please do not disturb occupants, thanks!
I added bold for emphasis.
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