The Better Business Bureau says it is reviewing its business accreditation system following criticism from Connecticut’s attorney general that a pay-to-play system gives members a ratings boost over nonmembers. Get the full story »
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Regulators tell Ally Financial to freeze foreclosures
The Illinois Department of Financial and Professional Regulation has asked Ally Financial to freeze all foreclosures and not initiate any new ones against Illinois homeowners until an investigation of its foreclosure practices is complete.
According to the state, more than 100,000 Illinois homeowners have mortgages that are serviced by the company, including 78,500 first mortgages.
An Ally employee testified in a Florida court case that he signed at least 10,000 affidavits a month to process foreclosures without reviewing the underlying paperwork and that those documents were then filed with the court as evidence of Ally’s rights to foreclose on the homes. Get the full story »
Illinois AG calls out Ally on foreclosures
The Illinois Attorney General’s office said Friday that it was “demanding” a meeting with Ally Financial, commonly known as GMAC Mortgage, to determine how many Illinois homeowners may be involved in an investigation of the company’s foreclosure procedures and whether the state’s Consumer Fraud Act had been violated. Get the full story »
