Ally Financial: Newly Released Letter Show Scope Of Possible Mortgage Screwups

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Ally Financial: Newly Released Letter Show Scope Of Possible Mortgage Screwups

Ally Financial: Newly Released Letter Show Scope Of Possible Mortgage Screwups

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Trying to count the number of bank screwups during the foreclosure crisis is a little like guessing the amount of change in a huge jar: You can see that the answer is “an awful lot,” but without breaking the jar and counting by hand, there’s no way to know for sure.

On Thursday, however, just how much homeowner misery Ally Financial may be responsible for came to light after the Federal Reserve released a letter between the bank’s mortgage servicing unit, GMAC Mortgage, and its auditing firm detailing exactly how many borrowers’ cases may have been mishandled.

Ally, formerly an arm of General Motors, needed a $17.2 billion bailout to survive the mortgage crash. It repaid about $5.5 billion, meaning taxpayers own 74 percent of the bank. Earlier this month, the bank sought Chapter 11 bankruptcy protection for ResCap, its residential mortgage unit.

In response to the bankruptcy proceedings, which typically require a public disclosure of financial information, the Federal Reserve released a letter

[HUFFINGTON POST]

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