BLOOMBERG: Ally Settles Fannie Buyback Demands for $462 Million


BLOOMBERG: Ally Settles Fannie Buyback Demands for $462 Million

BLOOMBERG: Ally Settles Fannie Buyback Demands for $462 Million

By Hugh Son – Dec 27, 2010 5:48 PM ET

Ally Financial Inc., the auto and home lender majority owned by the U.S. government, said its mortgage unit reached a $462 million settlement to resolve repurchase claims by Fannie Mae on $292 billion in home loans.

Ally, formerly known as GMAC Inc., said the settlement covers loans serviced by its GMAC Mortgage unit for Fannie Mae before June 30 and mortgage-backed securities it sold to Fannie Mae. The accord was reached on behalf of Ally’s Residential Capital unit and some of its subsidiaries, the Detroit-based company said today in a statement.

Chief Executive Officer Michael Carpenter, preparing Ally for a share sale that would allow the government to withdraw support, is trying to resolve ResCap’s losses linked to representations and warranties on home loans. Mortgage buyers invoke the clauses to force lenders to buy back faulty loans.

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2 Responses to “BLOOMBERG: Ally Settles Fannie Buyback Demands for $462 Million”

  1. All the above settlements, are sounding good, but what about those defrauded Souls, who have lost, homes,property,businesses,all their
    money, sweat equity, and some have lost their lives.

    Fraud has been committed, please, to those defrauded, get your complaints filed and make them pay you, or give your property back!

  2. Joe Schmoe says:

    No, these settlements are not good. Fannie and freddie are letting these guys off way to easy. it’s all part of the coverup.


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