74: Percentage of GMAC Mortgage still owned by the federal government as a result of bailouts. GMAC announced earlier this week that it will stop doing business with third-party lenders in Massachusetts following the state attorney general’s announcement that she was filing a lawsuit against GMAC and other major lenders alleging that they “used fraudulent documents in foreclosure proceedings, foreclosed without holding the actual mortgage and failed to provide loan modifications promised to Massachusetts homeowners”[1]. Massachusett’s AG, Martha Coakley, responded to the news that GMAC would stop lending in her state by saying “it appears GMAC has acknowledged that it has a problem following [lending] laws and being held accountable for doing so.”



[1] http://www.dsnews.com/articles/gmac-counters-lawsuit-with-decision-to-pull-lending-in-massachusetts-2011-12-02