These are firms that are servicing mortgages originated by other lenders, including pushing forward with foreclosures when homeowners fall behind on their payments.
At issue are revelations that a GMAC Mortgage employee signed off on thousands of foreclosure documents without checking their accuracy. The GMAC middle manager has owned up to signing 10,000 foreclosures a month. That's 500 a day, or one per minute. How reassuring is that?
A spokeswoman for Coakley's office told me yesterday our AG is exploring the issue, but as a practice does not comment on whether a formal investigation has been launched.
I think we can read between the lines here, with attorney's general in Iowa, Illinois and Texas having launched formal investigations.Â Read Full Story...
John Connolly, Vice President
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