GMAC Halts All Foreclosures In 23 States On Heels Of Florida Judge Finding JPM Committed Court Fraud In Mortgage Misappropriation

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Today, Bloomberg discloses that GMAC Mortgage, a unit of the affectionately renamed Ally Bank, has halted all foreclosures in 23 states, including Florida, Connecticut and New York. Who would have thought that being caught with your pants down, doing something so blatantly illegal as collecting on something you do not own, would actually have adverse consequences.

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Bush Administration Officials Convicted = 2 Names: David Safavian, James Fondren Bush Administration Officials Charged = 1 Name(s): Richard Lopez Razo

GMAC Halts All Foreclosures In 23 States On Heels Of Florida Judge Finding JPM Committed Court Fraud In Mortgage Misappropriation | zero hedge Submitted by Tyler Durden on 09/20/2010 08:39 -0500 Ally Bank

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Nationwide, foreclosures surged by 47 percent in March compared with a year ago, according to RealTrac, which follows mortgage foreclosures. Getty Images The Fraud Factor Instances of outright mortgage fraud are also coming to light. Reports of suspected fraud from federally regulated institutions more than doubled between 2003 and 2006.

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