GMAC Homecomings Is Acutally Rescap Holdings GMAC Rescap holdings violates FDIC>FTC
This is where you find the owners and investors of Homecomings and GMAC
October 10, 2007
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.
Click here to read other Rip Off Reports on Homecomings Financial
6 Updates & Rebuttals
Been There
Middletown,Maryland,
U.S.A.
How To Win, Too!
#7Consumer Suggestion
Thu, December 06, 2007
Please refer to my RipOff Report - How to Fight GMAC and WIN dated 5/4/06.
I did send a letter to my State Attorney Generals Office but they referred me to my State Department of Financial Regulation.
I URGE EVERYONE TO CONTACT YOUR STATE DEPARTMENT OF FINANCIAL REGULATION AND DO NOT STOP UNTIL YOU RECEIVE HELP. ALSO, CONTACT GMAC'S CORPORATE OFFICE AT: 215 682-1000 AND COMPLAIN TO ANYONE AND EVERYONE WHO WILL LISTEN.
If things did not work out for me, I was also going to contact the media - CALL YOUR LOCAL NEWS STATION OR BETTER YET, CONTACT A STATION IN A MAJOR METROPOLITAN AREA NEAR YOU. I live in the Washington, DC area and had planned to contact major national news stations there.
Another tip, do not bother with the Iowa office of GMAC - I received absolutely no help at all from them - just a corporate run-around
Daniel
Ft Lauderdale,Florida,
U.S.A.
all your info is correct
#7Consumer Comment
Fri, October 19, 2007
question how do you know about these investors? you say file complaints with attorney generals etc well most of us have done that and guess what they do noting about it what you need to do is check your mortgages and see if they are fannie mae if so call them and make a complaint better yet mail them the proof i have spoken to a man named chris there he told me that if gmac is not following the guildlines that they would pull thats right pull them from their inverstor market and not let them sell you mortgage to investors iam in the process now of sending him the evidence that was turned over to my former attorny evidenced that he rufused to let me see by the way you would not belive the out right lies that gmac has posted on my account they have made up dates and times and the best part is they have blamed the insurance company for losing the payment if you can belive that bs it sems that gmac has two sets of books ones the truth and the other is bold face lies that make them out to be gods and can do no wrong if you want to hurt gmac please contact fannie mae make a complaint maybe with enough of us doing so they will look into them
Daniel
Ft Lauderdale,Florida,
U.S.A.
all your info is correct
#7Consumer Comment
Fri, October 19, 2007
question how do you know about these investors? you say file complaints with attorney generals etc well most of us have done that and guess what they do noting about it what you need to do is check your mortgages and see if they are fannie mae if so call them and make a complaint better yet mail them the proof i have spoken to a man named chris there he told me that if gmac is not following the guildlines that they would pull thats right pull them from their inverstor market and not let them sell you mortgage to investors iam in the process now of sending him the evidence that was turned over to my former attorny evidenced that he rufused to let me see by the way you would not belive the out right lies that gmac has posted on my account they have made up dates and times and the best part is they have blamed the insurance company for losing the payment if you can belive that bs it sems that gmac has two sets of books ones the truth and the other is bold face lies that make them out to be gods and can do no wrong if you want to hurt gmac please contact fannie mae make a complaint maybe with enough of us doing so they will look into them
Daniel
Ft Lauderdale,Florida,
U.S.A.
all your info is correct
#7Consumer Comment
Fri, October 19, 2007
question how do you know about these investors? you say file complaints with attorney generals etc well most of us have done that and guess what they do noting about it what you need to do is check your mortgages and see if they are fannie mae if so call them and make a complaint better yet mail them the proof i have spoken to a man named chris there he told me that if gmac is not following the guildlines that they would pull thats right pull them from their inverstor market and not let them sell you mortgage to investors iam in the process now of sending him the evidence that was turned over to my former attorny evidenced that he rufused to let me see by the way you would not belive the out right lies that gmac has posted on my account they have made up dates and times and the best part is they have blamed the insurance company for losing the payment if you can belive that bs it sems that gmac has two sets of books ones the truth and the other is bold face lies that make them out to be gods and can do no wrong if you want to hurt gmac please contact fannie mae make a complaint maybe with enough of us doing so they will look into them
Daniel
Ft Lauderdale,Florida,
U.S.A.
all your info is correct
#7Consumer Comment
Fri, October 19, 2007
question how do you know about these investors? you say file complaints with attorney generals etc well most of us have done that and guess what they do noting about it what you need to do is check your mortgages and see if they are fannie mae if so call them and make a complaint better yet mail them the proof i have spoken to a man named chris there he told me that if gmac is not following the guildlines that they would pull thats right pull them from their inverstor market and not let them sell you mortgage to investors iam in the process now of sending him the evidence that was turned over to my former attorny evidenced that he rufused to let me see by the way you would not belive the out right lies that gmac has posted on my account they have made up dates and times and the best part is they have blamed the insurance company for losing the payment if you can belive that bs it sems that gmac has two sets of books ones the truth and the other is bold face lies that make them out to be gods and can do no wrong if you want to hurt gmac please contact fannie mae make a complaint maybe with enough of us doing so they will look into them
Amelia
houston,Asia,
U.S.A.
GMAC Homecomings Is Acutally Rescap Holdings GMAC Rescap holdings violates FDIC>FTC
#7Author of original report
Mon, October 15, 2007
The bank has to comply with FDIC and FTC regs which are explicit, that the bank must be clear fair and not misleading in its communication with customers. Violation is a very serious matter. Rgulators also take this very seriously. If you have evidence of any of the offenses, that means clear and provable, where the bank has had either errors or omissions, then you have a case, and you will get their attention.
If you want to pursue this institution , the only way that will get their attention is to take the offenses they have commited,, put it in a lgeal framework that they and their lawyers understand, and go after them. Until you do this all the complaining in the world will get you only one place, your credit wrecked and your house repossessed. by all means continue to pay your mortgage while the dispute is getting resolved. you will have financial entitlements. if you do not, you will not look very credible when it comes negotiation time.