Frank Seeks Probe Of Ally's Alleged Mortgage Fraud

Law360, New York (December 7, 2011, 6:29 PM EST) -- Rep. Barney Frank, D-Mass., on Wednesday asked his colleagues on the House Financial Services Committee to hold a hearing to investigate allegations that Ally Financial Inc. and its subsidiary GMAC Mortgage LLC had committed foreclosure abuses.

"Given Ally's significant role in the mortgage business and the federal government's considerable financial investment in and support of Ally and GMAC, a prompt investigation of this matter by the committee is warranted," Frank wrote in a letter to committee Chairman Spencer Bachus, R-Ala.

Frank's request came one day after...
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