Ally Financial denies foreclosure moratorium

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CHARLOTTE, N.C. (AP) – A mushrooming crisis over potential flaws in foreclosure documents threatened to throw the real estate industry into chaos, as Bank of America on Friday extended a foreclosure.

Another major servicer, Ally Financial Inc., formerly GMAC Inc., also has resumed some foreclosures after its own moratorium. Donovan said the administration did not have a problem with those.

Last month, it was revealed that a manager at Ally Financial had ignored verification procedures before signing off on thousands of foreclosure documents. The individual testified that he had failed to properly review cases, and had also ignored a requirement that he sign foreclosure documents in the presence of a notary.

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LOS ANGELES – Two big mortgage lenders are reviewing foreclosures as public officials heighten pressure on the industry over allegations that they made errors in documents used to evict homeowners..

 · Bank of America Corp. has temporarily halted all foreclosures in all 50 states, including Texas, to address concerns that the company is improperly handling some.

Bank of America and Ally said they were halting foreclosures while they review their procedures. J.P. Morgan Chase and Ally said they had hired outside counsel to conduct the review. None of the banks.

 · What Can Be Done and What Has Been Done RE: A State Wide Moratorium on Foreclosures (Originally posted July 3, 2010)As I sit here on this 4th of July weekend to write this article and reflect on what is happening in this once great nation, it saddens me that it has gotten this bad.

GMAC Mortgage expects all foreclosure delays to be resolved "within the next few weeks and certainly before year end, without consequence." GMAC Mortgage is a unit of Detroit-based Ally Financial.

 · Bank of America Corp. has temporarily halted all foreclosures in all 50 states, including Texas, to address concerns that the company is improperly.

The halt expands the bank’s previous moratorium on foreclosures in 23 states where courts have to participate in foreclosure proceedings, according the Washington Post. JPMorgan Chase and Ally.

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