Lenders GMAC Mortgage LLC and Deutsche Bank National Trust Co. have been sued to prevent them from enforcing foreclosures on two homes in Massachusetts.
The decision of GMAC Financial Services to resume its truck and automobile lending to subprime loan borrowers and reduce inventory financing costs is expected to boost General Motors Corp. sales and prevent government foreclosures.
A federal court in Maine has ruled that GMAC could resume its foreclosure activities in the state. The bank still faces a class action lawsuit for its alleged mishandling of foreclosure documents.
Maryland Governor Martin O'Malley has announced the state's agreement with six of Maryland's largest mortgage providers aimed at helping homeowners protect their homes from foreclosure.
GMAC has decided to restart operations for its Maine foreclosures. The lender was one of the banks that suspended foreclosures due to recent foreclosure scandal.
A report showed that the Obama Administration’s $75 billion program to stem the tide of bank foreclosure homes in the country has helped only 9 percent of qualified borrowers. The report also noted that 10 participating lenders failed to modify a single troubled mortgage.
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