No, Christmas hasn't arrived early this year and GMAC Mortgage is not trying to be kinder and gentler. Various media outlets report that GMAC Mortgage, one of the nation's largest home lenders has placed a moratorium on foreclosures in some 23 states (including Florida). GMAC apparently has provided no formal explanation for the moratorium, but the New York Times writes: "its actions suggest that it is concerned about potential
liability in evicting families and selling houses to which it does not have clear title". Concerned? I would hope so. Ha! And what about those homes they already have foreclosed on?
This moratorium could last until the end of this year and only time will tell if its past actions could prove to be very costly.
Link to NYT article (After opening link, if ad pops up click on "Skip this ad" to read article.
The foreclosure debacle seems to have no end. Hillsborough County has 33,000 pending foreclosures with new ones added on a daily basis. Now, three congressmen have inquired why Fannie Mae is using law firms "that are accused of regularly engaging in fraud to kick people out of their homes".
More on foreclosures
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