An abrupt halt to home foreclosures by Ally Financial in 23 states might spread to hundreds of other mortgage companies across the U.S. that used the firm to process their paperwork. The head of foreclosures at Ally, the nation’s fourth-largest mortgage lender, said he certified the legality of foreclosure documents without reading them. Mortgage investors that used Ally to service their loans include Fannie Mae and Freddie Mac, Ally officials said. The Washington Post (9/22) , Bloomberg (9/21)
PLI SmartBrief: Legal error might halt foreclosures by hundreds of U.S. lenders
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