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Foreclosure News | Foreclosures Statistics | Foreclosure Resources

GMAC Hires Firms to Review Affidavits

No evidence found of improper foreclosures

Oct. 12, 2010

By staff

Several outside legal and accounting firms have been hired by GMAC Mortgage LLC to review its foreclosure process in every state.

The mortgage servicer set off a firestorm when, after Pennsylvania employee Jeffrey Stephan testified he signed more than 10,000 foreclosure documents a month without reviewing all of the information, it suspended foreclosures in 23 states. GMAC said review and remediation activities have been underway in these states for two months.

JPMorgan Chase & Co. followed with a foreclosure suspension in the nearly two dozen states, as did Bank of America Home Loans -- which additionally suspended foreclosures in all 50 states.

Since then, GMAC's servicer rating has been placed on watch by Moody's Investors Service, Ohio Attorney General Richard Cordray filed a lawsuit against the company and 40 states have joined, or indicated an interest in joining, a coalition of states investigating the legitimacy of foreclosures being processed by the nation's biggest servicers.

On Tuesday, GMAC said it has "engaged several leading legal and accounting firms to conduct independent reviews of its foreclosure procedures in each of the 50 states."

Each foreclosure sale file will be reviewed by a specialized team to make sure that home preservation procedures have been followed. In addition, the team will ensure that the timing and substance of each foreclosure is appropriate, all laws have been complied with and each file is in good order.

"GMAC Mortgage has found no evidence to date of any inappropriate foreclosures," the statement said. "We are taking these additional steps to restore confidence in the process, which is critical for the stability of the home and mortgage industry."

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