Mortgage Giant Fined [Edition 2]

Summary


MORTGAGE provider GMAC was today fined Pounds 2.8 million and told to repay more than Pounds 8 million following the unfair treatment of customers in arrears.

GMAC, which stopped offering new home loans in May last year, was found by the Financial Services Authority to have slapped "excessive and unfair charges" on customers in arrears or whose homes were repossessed.

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Extract


Mortgage Giant Fined [Edition 2]

It was also accused of starting reposessions on customers before ful...

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