Bank Says: We're Defaulting, Don't You Dare!

By Al Lewis, Market Watch
Friday, June 29th, 2012

Thomas Marano, chief executive officer of Residential Capital, wrote me a letter.

“Dear Homeowner,” it begins. (That’s me, homeowner.)

“As you may have read or heard, Residential Capital LLC recently announced that it and its subsidiaries, including GMAC Mortgage, are restructuring under Chapter 11... The restructuring... does not change your obligations as a mortgage borrower... You must continue to make your scheduled mortgage payments on time and in full.”

I can only guess why he sent me this letter. Maybe he’s afraid I’m going to do what he’s doing.