10-10-02 Fraud in Signing Recorded Documents by major Lenders - no More title Insurance

GMAC Mortgage, of Ally Bank, was sanctioned in both Maine and Florida for affidavits under penalty of perjury without the signor reading anything.  GMAC has now woken up and stopped the practice, perhaps too late.

2 Title Companies (Fidelity National and Old Republic National Title) are now refusing to insure loans by some Lenders, especially GMAC

http://www.nytimes.com/2010/10/01/business/01mortgage.html?_r=3&hp

At Least Three More Lenders Stop Foreclosures After Admitting to Paperwork Problems  October 6, 2010  Posted By Howard Nassiri, PC on October 6, 2010:

http://www.californiabankruptcyattorneyblog.com/2010/10/at-least-two-more-lenders-stop-foreclosures-after-admitting-to-paperwork-problems.html

Yucaipa loan modification attorneys wrote recently about GMAC Mortgage, the mortgage arm of Ally Bank, suspending all foreclosures in 23 states after discovering problems with its paperwork

http://www.howardnassiri.com/lawyer-attorney-1420588.html

CNBC reported that JP Morgan Chase is also temporarily suspending its foreclosures while it looks into the truthfulness of affidavits signed to support those foreclosures:

http://www.cnbc.com/id/39425436

On Sept. 30, the Washington Post's Political Economy blog reported that an executive from OneWest Bank, the successor to the failed IndyMac, admitted that nobody on her team reads the 6,000 documents they sign in a week:

http://voices.washingtonpost.com/political-economy/2010/09/onewest_bank_employee_not_more.html

And on Oct. 1, Bank of America followed suit by temporarily stopping foreclosures in 23 states.

http://www.washingtonpost.com/wp-dyn/content/article/2010/10/01/AR2010100106678.html