Ally Financial Inc.’s GMAC Mortgage division may face a downgrade to its loan-servicing grades by Moody’s Investors Service after the ratings company cited “irregularities” in the unit’s “foreclosure process that have recently come to light.”
Ally said this week it found a “technical” deficiency in its foreclosure process allowing employees to sign documents without a notary present or with information they didn’t personally know was true. The Detroit-based lender notified agents and brokers on Sept. 17 that it had suspended evictions in 23 states.
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