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GMAC Will No Longer Purchase MA Loans

GMAC Mortgage has stated that they will no longer purchase loans in the state of Massachusetts.  The reason is because the Attorney General of Massachusetts filed a lawsuit against GMAC and four other Major lenders on Dec 1st, 2011.  The Attorney General is also suing MERS. GMAC will continue to work with their current customers, but they will not be taking on any new customers at this time.

The federal government owns 74% of GMAC because they financial assisted the lender during the bailout crisis.  The Attorney General response to GMAC was that "in order to do business in Massachusetts, GMAC has to follow the law before foreclosing on homeowners". GMAC states that they are following all rules, and are in full compliance with the law.