Bond Insurer FGIC Sues Ally Units Over Mortgage Securities

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Bond Insurer FGIC Sues Ally Units Over Mortgage Securities

Bond Insurer FGIC Sues Ally Units Over Mortgage Securities

WSJ-

Insurer Financial Guaranty Insurance Co. is suing several Ally Financial Inc. subsidiaries, accusing the government-owned lender of lying about the quality of mortgages it packaged into securities.

Three lawsuits, filed Tuesday in New York State Supreme Court, claim GMAC Mortgage, Residential Capital and other affiliates made “material misrepresentations and omissions” about the “quality of the tens of thousands of mortgage loans” packaged into the securities. FGIC said it issued insurance policies to Ally for the securities based on this information.

[WALL STREET JOURNAL]

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