GMAC Resumes Foreclosures; White House Warns Banks To Not Be Stupid

GMAC Resumes Foreclosures; White House Warns Banks To Not Be Stupid

One month ago, GMAC/Ally was the first major mortgage lender to freeze foreclosures and foreclosure sales in about half the U.S.. But the day after Bank of America announced it was thawing its foreclosure freeze, GMAC followed suit. Meanwhile, the White House has warned all lenders that it will go after banks who are found to employ any of the tactics that got them into this mess in the first place. [More]