Ally financial accused by Ohio for fraudulent foreclosures
The Attorney General argues that the lender has taken advantage of the dire circumstances
and instead of helping the consumers who are in trouble, the loan servicer has increased their troubles using unfair practices. Ally Financial, on the other hand, says that the actions it took were not at all fraudulent or near fraudulent and that it will stand and fight against the charges put forward. A spokesperson from the GMAC Mortgages said that there could have been procedural mistakes, but they were not fraud and that the company has taken proactive steps to fix the issues created by robo-signing of the legal documents.
Lenders JPMorgan Chase and Bank of America were also asked by Cordray to suspend foreclosure proceedings and review their process. Citibank and Wells Fargo were also asked to meet the Attorney General's office for discussions on foreclosure proceedings.
Massive foreclosures all over the country have already caused tremendous problems; the banks are now pressurized to halt their foreclosure proceedings. Since the banks are desperate to get rid of their inventories, discounted and undervalued sales are becoming prominent. So, homebuyers can actually gain immense savings.
For the latest news on foreclosures and the most accurate foreclosure listings, visit ForeclosureDataBank.com.
Ally financial accused by Ohio for fraudulent foreclosures