GMAC reports of halted foreclosures: NOT correct

Sept 20, 2010 -  Earlier today GMAC was reported to have halted foreclosures in 23 states.   Then  later they seemed to recant that with this statement issued in a press release and reported in many news articles and on blogs across the country.  The statement that cause the firestorm was this one:

"Recent reports have stated that GMAC Mortgage instituted a moratorium on all residential foreclosures in 23 states.  This is not true.  In fact, all new residential foreclosures are continuing in the ordinary course of business with no interruption in our usual practice."

I contacted GMAC for clarification,  and  in their response to me,  indicated  the latest reports are correct  and that GMAC will not go beyond the scope of  the press release  statement. 

" we have not put a moratorium on all residential foreclosures in 23 states.  All new residential foreclosures are continuing in the ordinary course of business with no interruption in our usual practice."  stated Jim Olecki

So as you can see from their response, they are sticking to their story. 


Earlier reports had  indicated a solution was in place for the signature/ notary process.  So, it remains to be seen what will be done in the future weeks.  I can appreciate  their position - even if I do not agree with it at all.  


READ also:  http://zingervotes.blogspot.com/2010/09/gmac-reports-of-halted-foreclosures-in.html