Trevana Properties
  • Home
  • Business Financial Suite
    • Business Credit Building
    • Frequently Asked Questions
    • Coaching
    • Testimonials
    • About Us
    • Privacy Policy
  • Specialty Products
    • Fix & Flip Financing
    • Small Balance Commercial Loans
    • Subprime SBA Financing
    • Business Marketing
    • Business Revenue Financing
    • Private Equity Financing
    • Multi-Family
    • Church Financing
    • Truck Financing
    • Book of Business Financing
  • Business Credit & Funding
    • Prequalification Form
  • Financial Products
    • Business Financing
    • Commercial Bridge Financing
  • About
    • Contact
    • Testimonials
    • Business Financial Suite Videos



Bankrupt mortgage giant to shell out $230m to borrowers

7/29/2013

0 Comments

 
 by Adam
Smith | 29 Jul 2013

A bankrupt former mortgage giant will have to pay $230m to borrowers in an enforcement action by the Fed.

The Federal Reserve Board on Friday amended an enforcement action from earlier this year, announcing that it will require GMAC Mortgage, which entered bankruptcy last year, to make approximately $230m in cash payments to mortgage borrowers.  The Federal Reserve said the enforcement action was due to "deficient practices in mortgage loan servicing and foreclosure processing".

The amendment will see payouts to more than 232,000 borrowers whose homes were in any stage of foreclosure in 2009 and 2010 with GMAC. As a result of the amendment, which was approved by the bankruptcy court overseeing bankruptcy
proceedings involving GMAC, independent foreclosure reviews on GMAC borrowers will be halted.

The Federal Reserve Board said accepting a payment will not preclude borrowers from taking action related to their foreclosures, noting that servicers are not permitted to ask borrowers to sign a waiver of any legal claims they may have
against a servicer.

0 Comments



Leave a Reply.

    Dan Garcia

    Trevana Properties is a placement company working with a variety of hedge funds, REIT's, commercial banks, specialty boutique lenders, private investors and other funding sources not widely known to the general public.

    Real Estate News
    Zillow

    Archives

    November 2016
    October 2016
    September 2016
    July 2016
    June 2016
    May 2016
    April 2016
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013

    Categories

    All
    Business Credit
    Hedge Funds
    Mortgage News

    RSS Feed

Site Map

Home
Business Credit and Business Funding
Commercial and Bridge Financing
Residential 

Blog
About Us
Contact Us

Find Us On The Web

Search This Site

​Resources

Zillow

Contact Us

(888) 684-8750 Toll Free
(815) 630-5246 Office
(815) 483-0585 Cell
dan@trevanaproperties.com
    Enter your phone number (555) 555-5555
Submit



Website by MediaCor
Picture
Photo used under Creative Commons from shioshvili
  • Home
  • Business Financial Suite
    • Business Credit Building
    • Frequently Asked Questions
    • Coaching
    • Testimonials
    • About Us
    • Privacy Policy
  • Specialty Products
    • Fix & Flip Financing
    • Small Balance Commercial Loans
    • Subprime SBA Financing
    • Business Marketing
    • Business Revenue Financing
    • Private Equity Financing
    • Multi-Family
    • Church Financing
    • Truck Financing
    • Book of Business Financing
  • Business Credit & Funding
    • Prequalification Form
  • Financial Products
    • Business Financing
    • Commercial Bridge Financing
  • About
    • Contact
    • Testimonials
    • Business Financial Suite Videos