NEW YORK ? One day after it was among five major banks sued by Massachusetts over deceptive foreclosure practices, GMAC Mortgage says it will stop purchasing new mortgage loans written by third parties in the state.
The mortgage origination and servicing arm of Ally Financial Inc. says it will honor all commitments with correspondent lenders and wholesale brokers through Monday.
GMAC will continue to lend directly to homeowners in Massachusetts. Most of its business in the state is done through third parties like community banks, which originate loans and sell them to GMAC.
GMAC then handles the loan servicing, or collecting homeowner payments.
The suit claims GMAC and other banks violated Massachusetts law with "unlawful and deceptive" conduct, including unlawful foreclosures, false documentation, robo-signing, and deceptive practices related to loan modifications.
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