GMAC, one of the nation's largest mortgage servicers, faced a quandary last summer. It wanted to foreclose on a NYC homeowner but lacked the crucial paperwork.
August 1, 2011
GMAC, one of the nation's largest mortgage servicers, faced a quandary last summer. It wanted to foreclose on a New York City homeowner but lacked the crucial paperwork needed to seize the property.
GMAC has a standard solution to such problems, which arise frequently in the post-bubble economy. Its employees secure permission to create and sign documents in the name of companies that made the original loans. But this case was trickier because the lender, a notorious subprime company named Ameriquest, had gone out of business in 2007.
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