On Monday, Bank of America (BOA) and GMAC of Ally Financial resumed forceclosure evictions

[Hannah Bell]

On Monday, Bank of America (BOA), the nation’s largest lender, and GMAC of Ally Financial announced they are resuming foreclosure evictions and sales in states where they had temporarily suspended them, claiming that they found no impropriety in their foreclosure documentation.

BOA’s decision means foreclosure proceedings against more than 100,000 homeowners will restart. It is expected that JP Morgan Chase and PNC Financial, which had also implemented temporary moratoriums on aspects of the foreclosure process, will follow suit.

Banks had implemented the partial moratoriums in recent weeks after it became public that they and their contractors had falsified legal documents relating to hundreds of thousands of foreclosures. Other banks and their subsidiaries implicated in the scandal, such as Citigroup, Wells Fargo, and Goldman Sachs, never instituted a moratorium.

The move by BOA affects its foreclosures in the 23 states that require judicial review prior to eviction and sale. New affidavits will be submitted to courts on Monday.

“We did a thorough review of the process, and we found the facts underlying the decision to foreclose have been accurate,” said Barbara J. Desoer of BOA’s Home Loans unit.

http://www.wsws.org/articles/2010/oct2010/mort-o20.shtml

[Starry Messenger]

1. k & r

[EFerrari]

2. Swindlers. And no one is opposing them. n/t

[PoliticAverse]

3. The US Treasury owns 56+% of Ally Financial.

http://www.ally.com/help/investor-relations.html

"In May 2009, GM and FIM Holdings (Cerberus) each significantly reduced their ownership in GMAC (now called Ally Financial), which was required in connection with GMAC’s conversion to a bank holding company in December 2008. As of December 31, 2009, the ownership of Ally common equity was as follows: GM 6.7%; GM Independent Trust 9.9%; US Treasury 56.3%; Cerberus 14.9%; and Cerberus Co-Investors 12.2%."