GMAC HALTS HOME FRAUDCLOSURE EVICTIONS IN 23 STATES 9-20-2010

Link: http://www.newzzcafe.com/

A certain judge in Florida set quite a precedent when he found that JPM, as servicer for a Fannie mortgage, had committed court fraud by foreclosing while not in possession of the actual mortgage.

We then concluded that "The implications for the REO and foreclosures track for banks could be dire as a result of this ruling, as this could severely impact the ongoing attempt by banks to hide as much excess inventory in their books in the quietest way possible."

GMAC Mortgage, a unit of the affectionately renamed Ally Bank, has halted all foreclosures in 23 states, including Florida, Connecticut and New York. Who would have thought that being caught with your pants down, doing something so blatantly illegal as collecting on something you do not own, would actually have adverse consequences. And GMAC is just the beginning - we expect many more mortgage servicers to scurry now that the light has been shone on their shell game.

The silver lining - the permabull pundits will cheer this development now that foreclosures will plunge off a cliff as mortgage holders and servicers scramble to reconcile who owns what, and just on whose balance sheet the mortgage flows should show up.

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[crazymike44]

People! WAke up! This is going to explode in our face really soon, like within 1 to 2 years or less... You watch! A lot of people are going to be homeless, out of jobs, hungry and desperate!

Here it comes!!!

The Economy is screwed and is being held together by lies, fake paper money and borrowed money on top of borrowed money! And MASSIVE DEBT on top of it all...

We can't keep borrowing money and raising the National Debt Ceiling...

[giveme5mins]

If we practiced logic in earnest most if not all of the banks that our tax dollars bailed out would of failed themselves. I am to the point that many of the banks are not practicing with honest concerns for their consumers. Seriously regardless if you like what I am saying or not. Isn't it strange to you that there is a Car Czar but not a Home Czar? If I was too large to fail I get help but if I am too small to notice I am written off as a anamoly or a dead beat. We all need to start talking.

[fsoiberg]

Go to court and ask the Bank to produce the NOTE!

When they can't produce the NOTE (because they monetized it. Converted it to money.) the case will be dismissed!

You don’t have to repay a dept when the lender has been restored. By monetizing the NOTE the bank was restored. Why did the bank do that? To have their cake and the principle and interest paid in each month too (aka Greed).

Banks print money by typing on their computers.

[fsoiberg]

None of the NEWS all the time! She did not say why! Here is why: A Florida judge found that Banks are unable to prove they own the properties being foreclosed. The lender is unable to produce the “Note” (documentation of the loan). This is due to the fact that Banks create currency / money ($) out of nothing!

[marvelstryfe]

well here it is you people that thought everything was ok, and also thought your so called governments were doing right, LOL

and if you still think things will get better, lol omg.

[odin422]

WOW....let me bet here in CALIFORNIA this is not happening.