GMAC Mortgage to Pay Out $230 Million to Borrowers

July 26, 2013
CNBC.com 
mortgage lending news

Residential Capital's GMAC Mortgage subsidiary has agreed to $230 million in cash compensation for more than 232,000 borrowers who were in the foreclosure process between 2009 and 2010. The accord, approved by a bankruptcy judge on July 26, ends independent, case-by-case reviews of foreclosures at the company. GMAC Mortgage joins other servicers who have reached settlements with the Federal Reserve and Comptroller of the Currency over potentially improper foreclosures rather than move ahead with a independent review process that has proven to be inefficient and costly. The Fed said GMAC's settlement raises the total cash remuneration to more than $3.8 billion going to an estimated 4.4 million borrowers. The servicers also will spend another collective $5.8 billion on loan workouts, forgiven deficiency judgements, and other assistance.

Web Link







Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty
  

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.



`