Ally's Financial previously known as GMAC mortgage was the first major lender to admit that there were issues with their foreclosure process that led to problems with their legal affidavits. Their CEO Michael Carpenter stated, that "they had a robo-signer affidavit problem." However, they have fixed the problem, and they are moving forward. Ally Mortgage has already "re-filed 9,523 affidavits with the courts" and there are a still over 15,000 scenarios that they still need to examine. Carpenter confirmed that all customers who are in the foreclosure process within the 50 states will be examined very thoroughly. They are going to make sure that they do not over look any homeowners that might have qualified for a loan modification prior to starting the foreclosure process.
It was also stated that Ally mortgage had positive results in the 3rd quarter. Carpenter took over a year ago and within one year he was able to show positive results on the mortgage side. The reason for this positive gain is due to Ally mortgage being able to sell some of their mortgage portfolio off. Carpenter believes that based on the positive movement of their mortgage business , they are no longer as big a risk as they were one year ago.
