California puts GMAC Ally Financial on notice over botched foreclosures - latimes.com

California puts Ally Financial on notice over botched foreclosures - latimes.com:

"Still, Atty. Gen Jerry Brown on Friday told Ally to halt foreclosures in the state unless it can prove it is observing state laws.

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Brown specifically cited a requirement that lenders, before initiating foreclosure proceedings, must try diligently to contact borrowers to determine eligibility for modifications of home loans written from 2003 through 2007.

California homeowners 'are clearly in jeopardy since an Ally Financial official admitted his review of thousands of critical foreclosure documents was really a sham,' Brown said"

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