July 14, 2011Jennifer Johnson
Secretary, Board of Governors
Federal Reserve System
20th Street and Constitution Avenue, NW
Washington, D.C. 20551
Re: Consent Order April 13, 2011FRB Docket No. 11-020-B-HC and 11-020-B-DE
Ally Financial, Inc., Ally Bank, Residential Capital, LLC, GMAC Mortgage, LLCAs it pertains to GMAC Mortgage Account No. -----------
Please be advised that on June 8, 2011, I contacted the Federal Reserve Board, in good faith, hoping to resolve an issue related to an illegal and fraudulent foreclosure conducted by GMAC Mortgage, LLC aka Ally Financial, Inc. in May, 2009. Many of the deficiencies noted in the April 13, 2011 Consent Order by the Board of Governors of the Federal Reserve were included in said foreclosure transaction including, but not limited too, a robo-signed, invalid affidavit of foreclosure, a paid in full Bank of America note in the amount of $60,000. used to foreclose on a $414,000. mortgage. Additionally, GMAC Mortgage aka Ally Financial misrepresented to the Clerk of Courts that their organization was the note holder with legal standing to foreclose. Many other aspects of the foreclosure file are being investigated by third party sources, and in my view I will be able to identify many more willful misrepresentations.
The initial complaint to the Federal Reserve Board in June, 2011 was forwarded to the Federal Reserve Bank of Chicago for investigation. I spoke to a representative in the Federal Reserve Bank of Chicago, and offered to provide her with copies of those fraudulent documents I discovered in March, 2011, and had copied by the County Clerk’s office. The representative advised she would let me know if and when she needed them. The Federal Reserve representative also advised that in her opinion, the Clerk of Courts in the county of the foreclosure was the entity responsible for the illegal foreclosure, because he relied on the documents presented. I would comment Madam, that if someone in a fiduciary capacity were to present a store clerk, for example, with a $100. counterfeit bill, the argument is ludicrous the store clerk who accepted the counterfeit bill in good faith should be held accountable, and the originator and master of the counterfeit scheme not held accountable at all.
However, on July 7, 2011 I received an “unsigned” letter from the Federal Reserve Bank of Chicago basically stating “without reviewing the foreclosure file, we have no means of determining what documents were used to evidence standing to foreclose”. Keep in mind, I previously offered copies of those documents to her, but she refused.
What haunts me regarding the Consent Order by the Board of Governors of the Federal Reserve System dated April 13, 2011 to Ally Financial, Inc. and its’ subsidiaries, is if the intent is serious for those companies to comply. And, if there exists a serious effort to correct the willful and felonious misconduct which has taken place heretofore. It certainly does not seem so to me, as GMAC, LLC aka Ally Financial, Inc. have not been forthright in responding to my recent requests for information and QWR’s.
Please allow me to direct your attention to the April 13, 2011 Consent Order, under the sub topic: Foreclosure Review 3. (a) that states “Within 45 days of this Order, GMAC shall retain one or more independent consultant(s) acceptable to the Reserve Bank to conduct an independent review of certain residential mortgage foreclosure actions (including judicial and non-judicial foreclosures and related bankruptcy proceedings, and other related litigation) regarding individual borrowers with respect to the Servicing Portfolio. The review shall include actions or proceedings (including foreclosures that were in process or completed) for loans serviced by the Mortgage Servicing Companies, whether brought in the name of the Ally Bank, the Mortgage Servicing Companies, the investor, or any agent for the mortgage note holder (including MERS) that have been pending at any time from January 1, 2009 to December 31, 2010, as well as residential foreclosure sales that occurred during this period (“Foreclosure Review”). The purpose of the Foreclosure Review shall be to determine, at a minimum:
(i) whether, at the time the foreclosure action was initiated or the pleading or affidavit filed (including in bankruptcy proceedings and in defending suits brought by borrowers), the foreclosing party or agent of the party had properly documented ownership of the promissory note and mortgage (or deed of trust) under relevant state law, or was otherwise a property party to the action as a result of agency or other similar status;
(ii) whether the foreclosure was in accordance with applicable state and federal laws, including but not limited to, the Servicemembers Civil Relief Act and the U.S. Bankruptcy Code;
(iii) whether, with respect to non-judicial foreclosures, the procedures followed with respect to the foreclosure sale (including the calculation of the default period, the amounts due, and compliance with notice periods) and post-sale confirmation were in accordance with the terms of the mortgage loan and state law requirements.
(vii) whether any errors, misrepresentations, or other deficiencies identified in the Foreclosure Review resulted in financial injury to the borrower or the owner of the mortgage loan.
My letter to you today, is to advise that my family is just one victim of the gross misconduct and criminal activity included, but not limited to, sub-sections of the Foreclosure Review noted above. We purchased a home for $530,000. We put down 20%. We lost our jobs, we lost our home, we lost our investment in the home, our credit rating was destroyed. The actual damages we and so many other American households have sustained by the companies which are the subject matter of this Consent Order, through abuse of the court system, predatory lending, racketeering, wire fraud, mail fraud, document fraud (the list goes on), should be dealt with harshly, and to the full extent of the law. The proposed settlement of 30 billion by the banks will not come close to making the victims of their “criminal enterprise” whole again; nor will it severely punish them for their ill-gotten gains.
For your file, I am attaching herewith a small sampling of fraudulent documents presented to the court and presented to me, personally. Attached is an Affidavit of Default signed by GMAC Mortgage, LLC employee, the infamous robo-signer, Jeffrey Stephan. This document is notarized by another GMAC Mortgage, LLC employee Susan Turner. The deposition of Mr. Stephan has verified that he would sign upwards of 10,000 to 12,000 documents per month with no knowledge of the factual content therein. Mr. Stephan further admitted the notary was never present when he signed the fraudulent documents on behalf of the company, and several other companies for that matter.
Although conspicuously absent at the foreclosure hearing, GMAC Mortgage did mail a copy of the “alleged” Promissory Note to me in response to a QWR (Qualified Written Request). On the last page of the Promissory Note, it says “Without Recourse Pay to the Order of”, then there is the forged signature of Nancy Figy purported to be Assistant Secretary of Homecomings Financial aka GMAC Mortgage, LLC aka Ally Financial, Inc. I have attached a handwriting sample of Nancy Figy as proof to my claim. This endorsement is not dated, nor notarized and additional factual content of the page was “whited” out prior to mailing.
I would be more than delighted to discuss aspects of this foreclosure, and appear before a Congressional panel to share the horrific experience of my family as victims of a national, unprecedented crime spree.