Orlando, Forclosures 2010
St. Petersburg, Florida
November 13, 2010
The Residential Mortgage Foreclosure Forum held at the Coliseum by the St. Petersburg Bar Association. It is attend by those who have questions and may be in a problematic situation, lawyers, lenders and consultants.
A GMAC representative speaks to clients about their personal situations and offers help and advice.
At the beginning of October, Ally Financial (parent company of GMAC Mortgage), JP Morgan Chase and Bank of America announced they would suspend foreclosures in 23 states to investigate potential problems with foreclosure documentation.
These organizations had discovered that thousands of foreclosure-related documents were signed monthly without being read. The documents were signed with an automatic signature, dubbed robosigning.
Faced with a flood of foreclosures, bank employees reportedly had been automatically signing off on thousands of foreclosure documents without reading them or, in some cases, obtaining proper notarization. In one Florida case, an Ally Financial supervisor testified this spring in a deposition that she and seven other employees signed off on as many as 18,000 foreclosures a month.