I just received this notice from GMAC who is one of the investors that we sell mortgages to.
"GMAC Bank (GMACB) Correspondent Funding Approved Correspondent Clients
please note that effective Tuesday, December 6, 2011, GMACB will no longer
accept new locks for properties located in the Commonwealth of Massachusetts.
This change is necessary due to the complexity of transacting business in an
increasingly difficult legal environment in Massachusetts."
Politicians in Massachusetts and other states need to understand that overly burdensome legislation and regulation on banks and mortgage companies will ultimately hurt the people for whom they are there to serve.
GMAC's (aka Ally Bank) move appears to be in response to a lawsuit from Massachusetts Attoney General Martha Coakley sued GMAC and four other lenders for alledgedly illegal foreclosure practices. Here's a link to the story from Bloomberg. http://www.bloomberg.com/news/2011-12-05/ally-financial-apple-madoff-pfizer-jpmorgan-in-court-news.html
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