It would appear the GMAC 'Foreclosure-Gate' scandal may be the tip of the iceberg. Not only is Moody's now reviewing GMAC's foreclosure practices for a possible (servicing) rating downgrade, but I would gather that class action attorneys are probably circling the wagons, targeting the nation's mega servicers and how they've been running foreclosures factories without paying close attention to certain legal details. (As they say in Rome: "So many a-foreclosures, so a-little-a time-a.") Charles Delbau, an attorney for the National Consumer Law Center was quoted in The Washington Post Friday morning saying the revelations abut GMAC and other firms have "the potential to be very important for borrowers facing foreclosure." Ya think?
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