This is where you find the owners and investors of Homecomings and GMAC
October 10
Chairman
Rescap Holdings LLC
8400 Normandale Lake Boulevard, Suite 250
Minneapolis, MN 55437 GMAC Holding Company
Your investment at GMAC URGENT FAX HIGH IMPORTANCE
By Fax
Mr. Leonard Cessler General Partner and Portfolio Manager Portfolio Manager Cerberus Capital Management, L. P 299 Park Avenue New York, NY 10171 $60 billion investor in GMAC
Excerpts from fax sent to company this past week
I have attempted to get a response at a lower level but all of the various departments have failed to make good repeated promises to return my calls and faxes. The current situation is unacceptable. I have lost all faith, trust and confidence in the responsibly and abilities of the employees I have dealt with at GMAC.
GMAC in Horsham has moved, and they are listed on the internet now with new phone numbers in Ft. Washington PA
FIRST OFFENSE GMAC lost payments (probably arbitraging payments perhaps under their SIV) NOT illegal but certainly may violate other comsumer rights as you read on:
On my mortgage account then stated in its notes that my bank account is closed. They have now required that I send payments by certified funds, an action which has me concerned since they lose payments. If they do not post your payments they can also be depositing in a general account fund, and arbitraging your money for higher returns, a practice that enhances their Shareholder values and Stock prices.
SECOND OFFENSE BREACH OF CONTRACT and Deceptive trade act.
They have admitted liability
They then asked that I sign a variation to the mortgage terms and contract. These documents were not sent by GMAC, a fact admitted by one of their employees (i kept notes and have this persons name phone number and a signature on other docs sent to me at a later date) The earlier notes on the system then put my house in preforeclosure, and a date was set to foreclose. This is considered in all 50 states BREACH OF CONTRACT. It will also fall under deceptive trade practice. For those who may be unaware the penalties under this law are treble damages. If your mortgage is like mine $350,000 this equates to $1,0500.00 USD. They have admitted liability. Anyone of you who has had a similar issue, DO NOT SIGN VARIATION OF MORTGAGE TERMS FOR TEMPORARY PAYMENTS, SEEK LEGAL ADVICE FIRST.
THIRD OFFENSE violation of the Fair Credit Reporting act.
The entries entered against my credit file as a result of these breaches is a violation of the Fair Credit Reporting act.
FOURTH OFFENSE violation of state board of insurance laws
Forced insurance on my property and would not let me cancel it stating that due to the claim status (I had a claim) that I was not allowed to cancel the insurance. I know too well that this is a violation of state insurance laws. The insurance they forced is windstorm insurance. This is government issued insurance.
FIFTH OFFENSE violation of FDIC regulations and may also be a violation of Securities Exchange commission rules.
I agree they do not take or return calls. The reason is that they have admitted that they are not adequately staffed for the recent rise in defaults and arrears with their accounts. To remain as an FDIC regulated bank, one of the requirements is that they must maintain and have adequate qualified staff. They do not. This is a violation of FDIC regulations and may also be a violation of Securities Exchange commission rules.
All of you stop complaining and get busy complaining to the Attorney General in your state. If you read the Wall Street Journal, Attorney General Dann in Ohio is cracking down on lenders like this. Your best course of action is to contact the Chairman and the Investor of this company and always do it in writing so you preserve a copy. You can also call The FDIC and other regulators mentioned above who can help you with leverage in getting your issues resolved. Always keep a log of who you speak with and a time sheet. Keep accuarate records you will need them if you are to negotiate a settlement with this irresponsible greedy lender. Good luck.
Ibanker
Texas, Texas
U.S.A.
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