Maine High Court Nixes Extra Robo-Signing Fine For GMAC

Law360, New York (December 7, 2011, 3:01 PM EST) -- Maine’s highest court said Tuesday that GMAC Mortgage LLC and Fannie Mae should not be penalized beyond a nearly $24,000 payment for engaging in the foreclosure practice known as robo-signing, though it still called their actions reprehensible.

The state’s Supreme Judicial Court voted 5-1 to uphold a lower court ruling that loan provider Fannie Mae, which had named GMAC Mortgage as the loan servicer, should pay the attorneys’ fees and costs a homeowner incurred while fighting a foreclosure issued in “bad faith,” but stopped short of...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.