Diana Olick was right - the home price double dip is not only here, it is getting worse. RealtyTrac reported overnight that general foreclosure activity (i.e., default notices, scheduled auctions and bank repossessions) — were reported on 338,836 properties in August, a 4 percent increase from the previous month. One in every 381 U.S. housing units received a foreclosure filing during the month. The spin is that this was a modest decline (5%) from August 2009, but represents another inflection point in a trend which up to now had been declining. “The trend lines of decreasing default notices and increasing bank repossessions converged in August, with virtually the same number of new default notices and bank repossessions for the month — a clear indication that the clogged foreclosure pipeline is being carefully managed on both ends by lenders and servicers,” said James J. Saccacio, chief executive officer of RealtyTrac. “On the front end, seriously delinquent loans are rolling into foreclosure at an unusually slow rate, while on the back end the dammed-up inventory of properties already in foreclosure is moving to REO in steady stream rather than a flood — presumably to prevent further erosion of home prices.” Of course, banks are doing all in their power to prevent the realization by the consumer class of just how much lower home prices have still to go. Most notably, the bulk of the foreclosure action in August occurred in bank repossessions, which came at 95,364 U.S. properties in August, the highest monthly total in the history of the report and about 2 percent higher than the previous peak of 93,777 bank repossessions (REOs) in May 2010. August REO activity increased 3 percent from the previous month and was up 25 percent from August 2009 — the ninth straight month where REOs have increased on a year-over-year basis. In other news, we expect Jim Cramer to come out with another call, like his wrong summer 2009 pronouncement that the bottom of housing is here.
More from RealtyTrac:
Nevada, Florida, Arizona post top state foreclosure rates in August
Nevada continued to document the nation’s highest state foreclosure rate for the 44th straight month, with one in every 84 housing units receiving a foreclosure filing in August — 4.5 times the national average. Nevada maintained the nation’s highest state foreclosure rate despite a 25 percent year-over-year decrease in foreclosure activity in August — the 11th straight month where Nevada foreclosure activity has decreased on a year-over-year basis.
Florida foreclosure activity decreased on a year-over-year basis for the fifth straight month in August, but the state’s foreclosure rate still ranked second highest among all states. One in every 155 Florida housing units received a foreclosure filing in August — 2.5 times the national average.
One in every 165 Arizona housing units received a foreclosure filing in August, the nation’s third highest state foreclosure rate, and one in every 194 California housing units received a foreclosure filing in August, the nation’s fourth highest state foreclosure rate.
One in every 220 Idaho housing units received a foreclosure filing in August, the nation’s fifth highest state foreclosure rate. A total of 2,915 Idaho properties received a foreclosure filing in August, an increase of nearly 9 percent from the previous month and an increase of 11 percent from August 2009. Idaho was the only state with a top 5 foreclosure rate to document a year-over-year increase in foreclosure activity.
Other states with foreclosure rates ranking among the top 10 in August were Utah, Georgia, Michigan, Illinois and Hawaii.
Five states account for more than 50 percent of national total
California alone accounted for 20 percent of the national total in August, with 69,143 properties receiving a foreclosure filing during the month — a 3 percent increase from the previous month but a 25 percent decrease from August 2009.
Florida accounted for nearly 17 percent of the national total, with 56,877 properties receiving a foreclosure filing — a 10 percent increase from the previous month but a 9 percent decrease from August 2009. Florida default notices were down 46 percent from August 2009 but increased 2 percent from the previous month, ending five straight months of month-over-month decreases in Florida default notices.
Michigan, Illinois and Arizona each accounted for about 5 percent of the national total in August, with 17,764 Michigan properties receiving foreclosure filings, 16,808 Illinois properties receiving foreclosure filings, and 16,510 Arizona properties receiving foreclosure filings.
Other states with foreclosure activity totals among the nation’s 10 highest in August were Georgia (16,366), Texas (14,290), Ohio (13,479), Nevada (13,385), and Washington (6,760).
Metro foreclosure hot spots continue downward trend
All 10 metro areas with the nation’s highest foreclosure rates in August posted year-over-year decreases in foreclosure activity for the second month in a row.
The Las Vegas-Paradise, Nev., metro area documented the highest foreclosure rate among metropolitan areas with a population of 200,000 or more, with one in every 73 housing units receiving a foreclosure filing, despite a 25 percent decrease in foreclosure activity from August 2009.
Foreclosure activity in Modesto, Calif., decreased 10 percent from August 2009, but the city still documented the nation’s second highest metro foreclosure rate, with one in every 95 housing units receiving a foreclosure filing in August. Six other California metro areas had foreclosure rates ranking among the top 10: Stockton at No. 3 (one in every 100 housing units receiving a foreclosure filing); Merced at No. 6 (one in 111); Riverside-San Bernardino-Ontario at No. 7 (one in 113); Bakersfield at No. 8 (one in 120); Vallejo-Fairfield at No. 9 (one in 124); and Sacramento-Arden-Arcade-Roseville at No. 10 (one in 125).
Two Florida metro areas registered foreclosure rates among the top 10: Cape Coral-Fort Myers, Fla., at No. 3, with one in every 104 housing units receiving a foreclosure filing; and Miami-Fort Lauderdale-Pompano Beach at No. 5, with one in every 111 housing units receiving a foreclosure filing.
The news reports on GMAC Mortgage’s decision to halt evictions and foreclosure sales in 23 states, as originally reported by Bloomberg News, has generated keen interest in the mortgage and securitizaion communities. One reason is the oddly abrupt and broad nature of GMAC Mortgage’s action. GMAC Mortgage subsequently issued a rebuttal of sorts to the article. Not only did it fail to clairify matters, it is inconsistent with the actual notice it sent last week.
Various accounts have described how one officer of GMAC Mortgage’s servicing unit has admitted during testimony that, while he signs thousands of affidavits each month in order to affect steps in the foreclosure process, he does not have personal knowledge of certain critical facts in the affidavit which he asserts to be true. Reader Stupendous Man provided the text of Federal Rule 56 on affidavits (although the cases in question are in state courts, the same principles no doubt apply). Boldface ours:
A supporting or opposing affidavit must be made on personal knowledge, set out facts that would be admissible in evidence, and show that the affiant is competent to testify on the matters stated.
The key here is you can’t delegate creating affidavits to parties who weren’t close to relevant matter out of administrative convenience; you need to find people who were directly involved. And evidence in a number of foreclosure suits indicates that this problem not only extends well beyond GMAC, and is not a matter of matter of officers providing affidavits based on a review of copies of the paperwork in a transaction. As one attorney wrote:
It is beyond people signing things when they don’t see the “originals” These people don’t see shit. We have depositions from these folks, the only thing they are able to verify on the documents is what title they are supposed to use, from the particular servicer they are working for – Executive Secretary, Executive Vice President, Asst. Sec., etc…..
So there is evidence to support the notion GMAC was not alone in providing cooked up affidavits. The only question is how widespread this practice was at other servicers.
What are the implications of the GMAC Mortgage actions and how serious are the problems? GMAC Mortgage and similarly situated parties contend that there is nothing fundamentally wrong with their foreclosure process and this is simply a procedural issue which is readily curable. In contrast, advocates for borrowers in foreclosure have indicated that the questionable affidavits are only the “tip of the iceberg” and represent the beginning of the end for the foreclosure mills and the banks, servicers and trustees who have been seeking to exercise foreclosure under false pretenses. The heightened scrutiny and increasing interest by state attorneys general means we may finally get to the bottom of a long-running “he said-she said” dispute.
Let’s review the current state of play:
1. What is the problem with evictions and foreclosure sales that GMAC Mortgage is worried about?
Based on GMAC Mortgage’s press release, the action is limited to evictions and foreclosure sales in certain states, but its new foreclosures are not affected. It isn’t clear exactly what distinction they are making . Presumably, their concern relates to the affidavits they used to initiate the evictions in their foreclosure cases. If the affidavit is flawed, they want to get a new improved one in place before they take title to the property. Similarly, for properties where they have already taken title, if the affidavits which enabled the evictions were flawed, they may need to prepare a new affidavit that would allow them to demonstrate that they have good title prior to selling the property to third parties.
2. Is this problem curable? On the surface, concerns about flawed affidavits used in the eviction process of a foreclosure, seems a technical, legalistic issue. Certainly, GMAC Mortgage’s statements seem to give the impression that the issue is curable and will, in fact, soon be cured. Did GMAC Mortgage prepare the affidavits improperly due to weak procedural controls or economic expediency? If so, then it would seem like they would have to incur some additional cost and take some additional time to have the affidavits properly prepared and then the problem would not be fatal from a legal standpoint. The added expenses and longer time will cost the certificate holders in the MBS more money. Remember, securitizations have come to be modeled and price assuming a streamlined foreclosure process. Actually finding and involving the proper parties in the affidavit process will at a minimum be cumbersome, and could add meaningful costs.
Moroever, it is possible the affidavits were prepared improperly to remedy other problems in the related mortgage loan. If, for the purpose of the foreclosure, the servicer did not have the proper information but stated that they did anyway in the affidavit, this would be a far more serious problem. For instance, if the courts for a foreclosure required a particular party to be pursuing the foreclosure, but GMAC Mortgage did not have documentation supporting such ownership or right, was GMAC Mortgage misrepresenting the facts in the affidavit?
3. Is the problem limited to judicial foreclosure states? That does not seem credible, although GMAC may believe it needs only to remedy it in those states. GMAC Mortgage indicated that the action was only for states that use judicial foreclosure, or similar procedures.
In general, if the issue is limited to improperly documented affidavits, GMAC may be able to limit its response to the 23 states on its list. However, if the underlying documentation for its mortgages have problems in the chain of title, then the improper affidavits are just a manifestation of a deeper issue. By happenstance, I know of cases in a non-judicial foreclosure state not on GMAC’s list where GMAC took similar short cuts. Tom Adams and I have been in touch with a number of attorneys in the foreclosure world who have uncovered problems in non-judicial foreclosure states with inaccurate affidavits, including mis-statements about the parties to the foreclosure, the time of mortgage transfers, the status of the loan file and related issues. There is not good grounds to believe that GMAC had sufficiently different procedures in judicial versus non-judicial foreclosure states to believe their flawed procedures were limited to only judicial foreclosure states.
4. is the problem limited to GMAC Mortgage? GMAC Mortgage and other banks may hope to sell the story line that its problem is limited to a lone “rogue servicing officer.” Unfortunately, the servicing officer in question indicated in his testimony that he prepared 10,000 or more affidavits per month, so it strains credulity to think that GMAC management was ignorant of his actions.
So far, mainstream press accounts have been limited to issues at GMAC Mortgage, which is a large servicer, but only a modest portion of the overall market. However, it is possible, that the root of the problem lies not with the servicer, but started with the sellers and the trustees in the mortgage securitization process. If the mortgage loans were conveyed in the securitization process in a way that clouded the title, the problem could be widespread, and borrower attorneys can provide a large body of evidence from cases in many states. Although GMAC appears to be the party ultimately responsible, it also works very closely with the foreclosure outsourcing firm, Loan Processing Services, so they or the foreclosure mills they retain may also bear some responsibility.
5. Are foreclosure problems limited to this sort of technical issue? The conveyance of real estate has a long legal history and is governed by state law. Numerous checks and balances are written into both the sale and the foreclosure process to ensure that the transfers are conducted properly and disputes over ownership are minimized. Part of the appeal of mortgage loans as an asset, back before the financial crisis, was that the procedures and laws for mortgage loans was well establishes, so owners or investors could take comfort that their interests were well protected.
Unfortunately, there is increasing evidence that the mortgage loan industry went off the rails during the bubble years. And if the issues underlying GMAC Mortgage action are a result of bad origination and closing procedures, rather than poor servicing, the problems may be much larger than inaccurate affidavits.
We will be watching on the GMAC Mortgage situation and related issues. GMAC Mortgage’s remarks today did not clarify matters, and their failure to come clean, and the obvious conflict between the claims in their press release and their own memo suggests other shoes have yet to drop. If these issues extend beyond GMAC Mortgage and inaccurate affidavits, the mortgage industry will be facing some deep and difficult problems.
Small Business <b>News</b>: The Times They Are A Changing
In the 60's it was a song of revolution when change was just not as common. Today, it reflects a fact of life, at least for small business owners and.
Arrowheadlines: Chiefs <b>News</b> 9/23 - Arrowhead Pride
We're over the hump and headed into Sunday. The Kansas City Chiefs are seeing a lot of guarded love. For the most part, people can't ignore our record and at the same time can't ignore our offensive production. Here's today's news.
<b>News</b> Anchor Barbie: 'A flair for journalism -- and power pink <b>...</b>
Astronaut Barbie, Newborn Baby Doctor Barbie and Rock Star Barbie, get ready to answer some tough questions asked by journalist Barbie. The 125th -- and newest -- career path for Mattel's 51-year-old doll is news anchor, and she's ...
robert shumake
Small Business <b>News</b>: The Times They Are A Changing
In the 60's it was a song of revolution when change was just not as common. Today, it reflects a fact of life, at least for small business owners and.
Arrowheadlines: Chiefs <b>News</b> 9/23 - Arrowhead Pride
We're over the hump and headed into Sunday. The Kansas City Chiefs are seeing a lot of guarded love. For the most part, people can't ignore our record and at the same time can't ignore our offensive production. Here's today's news.
<b>News</b> Anchor Barbie: 'A flair for journalism -- and power pink <b>...</b>
Astronaut Barbie, Newborn Baby Doctor Barbie and Rock Star Barbie, get ready to answer some tough questions asked by journalist Barbie. The 125th -- and newest -- career path for Mattel's 51-year-old doll is news anchor, and she's ...
Diana Olick was right - the home price double dip is not only here, it is getting worse. RealtyTrac reported overnight that general foreclosure activity (i.e., default notices, scheduled auctions and bank repossessions) — were reported on 338,836 properties in August, a 4 percent increase from the previous month. One in every 381 U.S. housing units received a foreclosure filing during the month. The spin is that this was a modest decline (5%) from August 2009, but represents another inflection point in a trend which up to now had been declining. “The trend lines of decreasing default notices and increasing bank repossessions converged in August, with virtually the same number of new default notices and bank repossessions for the month — a clear indication that the clogged foreclosure pipeline is being carefully managed on both ends by lenders and servicers,” said James J. Saccacio, chief executive officer of RealtyTrac. “On the front end, seriously delinquent loans are rolling into foreclosure at an unusually slow rate, while on the back end the dammed-up inventory of properties already in foreclosure is moving to REO in steady stream rather than a flood — presumably to prevent further erosion of home prices.” Of course, banks are doing all in their power to prevent the realization by the consumer class of just how much lower home prices have still to go. Most notably, the bulk of the foreclosure action in August occurred in bank repossessions, which came at 95,364 U.S. properties in August, the highest monthly total in the history of the report and about 2 percent higher than the previous peak of 93,777 bank repossessions (REOs) in May 2010. August REO activity increased 3 percent from the previous month and was up 25 percent from August 2009 — the ninth straight month where REOs have increased on a year-over-year basis. In other news, we expect Jim Cramer to come out with another call, like his wrong summer 2009 pronouncement that the bottom of housing is here.
More from RealtyTrac:
Nevada, Florida, Arizona post top state foreclosure rates in August
Nevada continued to document the nation’s highest state foreclosure rate for the 44th straight month, with one in every 84 housing units receiving a foreclosure filing in August — 4.5 times the national average. Nevada maintained the nation’s highest state foreclosure rate despite a 25 percent year-over-year decrease in foreclosure activity in August — the 11th straight month where Nevada foreclosure activity has decreased on a year-over-year basis.
Florida foreclosure activity decreased on a year-over-year basis for the fifth straight month in August, but the state’s foreclosure rate still ranked second highest among all states. One in every 155 Florida housing units received a foreclosure filing in August — 2.5 times the national average.
One in every 165 Arizona housing units received a foreclosure filing in August, the nation’s third highest state foreclosure rate, and one in every 194 California housing units received a foreclosure filing in August, the nation’s fourth highest state foreclosure rate.
One in every 220 Idaho housing units received a foreclosure filing in August, the nation’s fifth highest state foreclosure rate. A total of 2,915 Idaho properties received a foreclosure filing in August, an increase of nearly 9 percent from the previous month and an increase of 11 percent from August 2009. Idaho was the only state with a top 5 foreclosure rate to document a year-over-year increase in foreclosure activity.
Other states with foreclosure rates ranking among the top 10 in August were Utah, Georgia, Michigan, Illinois and Hawaii.
Five states account for more than 50 percent of national total
California alone accounted for 20 percent of the national total in August, with 69,143 properties receiving a foreclosure filing during the month — a 3 percent increase from the previous month but a 25 percent decrease from August 2009.
Florida accounted for nearly 17 percent of the national total, with 56,877 properties receiving a foreclosure filing — a 10 percent increase from the previous month but a 9 percent decrease from August 2009. Florida default notices were down 46 percent from August 2009 but increased 2 percent from the previous month, ending five straight months of month-over-month decreases in Florida default notices.
Michigan, Illinois and Arizona each accounted for about 5 percent of the national total in August, with 17,764 Michigan properties receiving foreclosure filings, 16,808 Illinois properties receiving foreclosure filings, and 16,510 Arizona properties receiving foreclosure filings.
Other states with foreclosure activity totals among the nation’s 10 highest in August were Georgia (16,366), Texas (14,290), Ohio (13,479), Nevada (13,385), and Washington (6,760).
Metro foreclosure hot spots continue downward trend
All 10 metro areas with the nation’s highest foreclosure rates in August posted year-over-year decreases in foreclosure activity for the second month in a row.
The Las Vegas-Paradise, Nev., metro area documented the highest foreclosure rate among metropolitan areas with a population of 200,000 or more, with one in every 73 housing units receiving a foreclosure filing, despite a 25 percent decrease in foreclosure activity from August 2009.
Foreclosure activity in Modesto, Calif., decreased 10 percent from August 2009, but the city still documented the nation’s second highest metro foreclosure rate, with one in every 95 housing units receiving a foreclosure filing in August. Six other California metro areas had foreclosure rates ranking among the top 10: Stockton at No. 3 (one in every 100 housing units receiving a foreclosure filing); Merced at No. 6 (one in 111); Riverside-San Bernardino-Ontario at No. 7 (one in 113); Bakersfield at No. 8 (one in 120); Vallejo-Fairfield at No. 9 (one in 124); and Sacramento-Arden-Arcade-Roseville at No. 10 (one in 125).
Two Florida metro areas registered foreclosure rates among the top 10: Cape Coral-Fort Myers, Fla., at No. 3, with one in every 104 housing units receiving a foreclosure filing; and Miami-Fort Lauderdale-Pompano Beach at No. 5, with one in every 111 housing units receiving a foreclosure filing.
The news reports on GMAC Mortgage’s decision to halt evictions and foreclosure sales in 23 states, as originally reported by Bloomberg News, has generated keen interest in the mortgage and securitizaion communities. One reason is the oddly abrupt and broad nature of GMAC Mortgage’s action. GMAC Mortgage subsequently issued a rebuttal of sorts to the article. Not only did it fail to clairify matters, it is inconsistent with the actual notice it sent last week.
Various accounts have described how one officer of GMAC Mortgage’s servicing unit has admitted during testimony that, while he signs thousands of affidavits each month in order to affect steps in the foreclosure process, he does not have personal knowledge of certain critical facts in the affidavit which he asserts to be true. Reader Stupendous Man provided the text of Federal Rule 56 on affidavits (although the cases in question are in state courts, the same principles no doubt apply). Boldface ours:
A supporting or opposing affidavit must be made on personal knowledge, set out facts that would be admissible in evidence, and show that the affiant is competent to testify on the matters stated.
The key here is you can’t delegate creating affidavits to parties who weren’t close to relevant matter out of administrative convenience; you need to find people who were directly involved. And evidence in a number of foreclosure suits indicates that this problem not only extends well beyond GMAC, and is not a matter of matter of officers providing affidavits based on a review of copies of the paperwork in a transaction. As one attorney wrote:
It is beyond people signing things when they don’t see the “originals” These people don’t see shit. We have depositions from these folks, the only thing they are able to verify on the documents is what title they are supposed to use, from the particular servicer they are working for – Executive Secretary, Executive Vice President, Asst. Sec., etc…..
So there is evidence to support the notion GMAC was not alone in providing cooked up affidavits. The only question is how widespread this practice was at other servicers.
What are the implications of the GMAC Mortgage actions and how serious are the problems? GMAC Mortgage and similarly situated parties contend that there is nothing fundamentally wrong with their foreclosure process and this is simply a procedural issue which is readily curable. In contrast, advocates for borrowers in foreclosure have indicated that the questionable affidavits are only the “tip of the iceberg” and represent the beginning of the end for the foreclosure mills and the banks, servicers and trustees who have been seeking to exercise foreclosure under false pretenses. The heightened scrutiny and increasing interest by state attorneys general means we may finally get to the bottom of a long-running “he said-she said” dispute.
Let’s review the current state of play:
1. What is the problem with evictions and foreclosure sales that GMAC Mortgage is worried about?
Based on GMAC Mortgage’s press release, the action is limited to evictions and foreclosure sales in certain states, but its new foreclosures are not affected. It isn’t clear exactly what distinction they are making . Presumably, their concern relates to the affidavits they used to initiate the evictions in their foreclosure cases. If the affidavit is flawed, they want to get a new improved one in place before they take title to the property. Similarly, for properties where they have already taken title, if the affidavits which enabled the evictions were flawed, they may need to prepare a new affidavit that would allow them to demonstrate that they have good title prior to selling the property to third parties.
2. Is this problem curable? On the surface, concerns about flawed affidavits used in the eviction process of a foreclosure, seems a technical, legalistic issue. Certainly, GMAC Mortgage’s statements seem to give the impression that the issue is curable and will, in fact, soon be cured. Did GMAC Mortgage prepare the affidavits improperly due to weak procedural controls or economic expediency? If so, then it would seem like they would have to incur some additional cost and take some additional time to have the affidavits properly prepared and then the problem would not be fatal from a legal standpoint. The added expenses and longer time will cost the certificate holders in the MBS more money. Remember, securitizations have come to be modeled and price assuming a streamlined foreclosure process. Actually finding and involving the proper parties in the affidavit process will at a minimum be cumbersome, and could add meaningful costs.
Moroever, it is possible the affidavits were prepared improperly to remedy other problems in the related mortgage loan. If, for the purpose of the foreclosure, the servicer did not have the proper information but stated that they did anyway in the affidavit, this would be a far more serious problem. For instance, if the courts for a foreclosure required a particular party to be pursuing the foreclosure, but GMAC Mortgage did not have documentation supporting such ownership or right, was GMAC Mortgage misrepresenting the facts in the affidavit?
3. Is the problem limited to judicial foreclosure states? That does not seem credible, although GMAC may believe it needs only to remedy it in those states. GMAC Mortgage indicated that the action was only for states that use judicial foreclosure, or similar procedures.
In general, if the issue is limited to improperly documented affidavits, GMAC may be able to limit its response to the 23 states on its list. However, if the underlying documentation for its mortgages have problems in the chain of title, then the improper affidavits are just a manifestation of a deeper issue. By happenstance, I know of cases in a non-judicial foreclosure state not on GMAC’s list where GMAC took similar short cuts. Tom Adams and I have been in touch with a number of attorneys in the foreclosure world who have uncovered problems in non-judicial foreclosure states with inaccurate affidavits, including mis-statements about the parties to the foreclosure, the time of mortgage transfers, the status of the loan file and related issues. There is not good grounds to believe that GMAC had sufficiently different procedures in judicial versus non-judicial foreclosure states to believe their flawed procedures were limited to only judicial foreclosure states.
4. is the problem limited to GMAC Mortgage? GMAC Mortgage and other banks may hope to sell the story line that its problem is limited to a lone “rogue servicing officer.” Unfortunately, the servicing officer in question indicated in his testimony that he prepared 10,000 or more affidavits per month, so it strains credulity to think that GMAC management was ignorant of his actions.
So far, mainstream press accounts have been limited to issues at GMAC Mortgage, which is a large servicer, but only a modest portion of the overall market. However, it is possible, that the root of the problem lies not with the servicer, but started with the sellers and the trustees in the mortgage securitization process. If the mortgage loans were conveyed in the securitization process in a way that clouded the title, the problem could be widespread, and borrower attorneys can provide a large body of evidence from cases in many states. Although GMAC appears to be the party ultimately responsible, it also works very closely with the foreclosure outsourcing firm, Loan Processing Services, so they or the foreclosure mills they retain may also bear some responsibility.
5. Are foreclosure problems limited to this sort of technical issue? The conveyance of real estate has a long legal history and is governed by state law. Numerous checks and balances are written into both the sale and the foreclosure process to ensure that the transfers are conducted properly and disputes over ownership are minimized. Part of the appeal of mortgage loans as an asset, back before the financial crisis, was that the procedures and laws for mortgage loans was well establishes, so owners or investors could take comfort that their interests were well protected.
Unfortunately, there is increasing evidence that the mortgage loan industry went off the rails during the bubble years. And if the issues underlying GMAC Mortgage action are a result of bad origination and closing procedures, rather than poor servicing, the problems may be much larger than inaccurate affidavits.
We will be watching on the GMAC Mortgage situation and related issues. GMAC Mortgage’s remarks today did not clarify matters, and their failure to come clean, and the obvious conflict between the claims in their press release and their own memo suggests other shoes have yet to drop. If these issues extend beyond GMAC Mortgage and inaccurate affidavits, the mortgage industry will be facing some deep and difficult problems.
robert shumake
Small Business <b>News</b>: The Times They Are A Changing
In the 60's it was a song of revolution when change was just not as common. Today, it reflects a fact of life, at least for small business owners and.
Arrowheadlines: Chiefs <b>News</b> 9/23 - Arrowhead Pride
We're over the hump and headed into Sunday. The Kansas City Chiefs are seeing a lot of guarded love. For the most part, people can't ignore our record and at the same time can't ignore our offensive production. Here's today's news.
<b>News</b> Anchor Barbie: 'A flair for journalism -- and power pink <b>...</b>
Astronaut Barbie, Newborn Baby Doctor Barbie and Rock Star Barbie, get ready to answer some tough questions asked by journalist Barbie. The 125th -- and newest -- career path for Mattel's 51-year-old doll is news anchor, and she's ...
robert shumake
Small Business <b>News</b>: The Times They Are A Changing
In the 60's it was a song of revolution when change was just not as common. Today, it reflects a fact of life, at least for small business owners and.
Arrowheadlines: Chiefs <b>News</b> 9/23 - Arrowhead Pride
We're over the hump and headed into Sunday. The Kansas City Chiefs are seeing a lot of guarded love. For the most part, people can't ignore our record and at the same time can't ignore our offensive production. Here's today's news.
<b>News</b> Anchor Barbie: 'A flair for journalism -- and power pink <b>...</b>
Astronaut Barbie, Newborn Baby Doctor Barbie and Rock Star Barbie, get ready to answer some tough questions asked by journalist Barbie. The 125th -- and newest -- career path for Mattel's 51-year-old doll is news anchor, and she's ...
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