Mortage Lender GMAC Retaliates Against Massachusetts Lawsuit By Ending Most Lending In The State


Mortage Lender GMAC Retaliates Against Massachusetts Lawsuit By Ending Most Lending In The State is a brief article on Think Progress.

GMAC Mortgage, the mortgage lender of Ally Financial Inc., is exiting the vast majority of its lending in Massachusetts a day after the state sued it over its foreclosure practices. The nation’s fifth-largest mortgage originator said it “has taken this action because recent developments have led mortgage lending in Massachusetts to no longer be viable,” ratcheting up the high-stakes mortgage fight there.

I guess this is to be expected. What else can GMAC do if it can only make money by cheating its customers? It has to get out because following the laws and paying for its crimes would make the business unprofitable. That should clear the way for honest mortgage lenders to fill the vacuum that GMAC has left. These are the lenders from whom GMAC stole market share by undercutting them through cheating.

It takes strong law enforcement to make it safe for honest business people.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.