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Bank of America and GMAC Resume Foreclosures

Bank of America and GMAC restarted foreclosure processing this week, even as attorney generals of several states opened up investigations into their documents and procedures. Indeed, according to an article in The Wall Street Journal, the major lenders have resumed foreclosures as a way of counterattacking recent accusations of fraud and underscoring their confidence in their system, even if they were rushed.

As reported in an earlier post, the banks recently announced a moratorium on foreclosures while they double-checked their paperwork. Since foreclosures had been coming through the pipeline at such a high pace, lenders had not always had personal knowledge of each case or signed the document in the presence of a notary. The banks say they have not seen a single case so far that should not have resulted in a foreclosure.

The banks are currently working on submitting new affidavits in the 23 states where a judge’s approval is required for each foreclosure.

Some attorney generals are not satisfied to take the banks’ word that their foreclosure processes are sound. The attorney general of Ohio filed a lawsuit against GMAC last week alleging fraud. He said recently that he is suspicious of the new paperwork, saying that if the original was fraudulent, the new paperwork does not erase the earlier act.

Source:

Banks Restart Foreclosures (The Wall Street Journal)

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