GMAC Halts Foreclosures in 23 States for Review

For a long time we’ve discussed that reality that often banks foreclose on houses without verifying that they own the loans... in fact, this was a tactic we’ve used to get lenders to stop the foreclosure process... they have to prove that they own the note (in other words, that they have title).

Well, it looks like GMAC is one financial institution that is now realizing that they’ve put themselves in jeopardy for quite a few lawsuits.  This will be interesting to see…

~josh

Check out the article in The New York Time

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