Ally Financial's ResCap Wants to End Foreclosure Review Process

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Ally Financial’s ResCap Wants to End Foreclosure Review Process

Ally Financial’s ResCap Wants to End Foreclosure Review Process

FoxBusiness-

Residential Capital LLC, the mortgage subsidiary of government-owned lender Ally Financial Inc., wants a bankruptcy judge’s assurance that the Federal Reserve and other government agencies can’t force it to continue conducting foreclosure reviews under a 2011 agreement.

ResCap, also known as GMAC Mortgage, says its costs for conducting independent reviews of foreclosures on borrowers is skyrocketing as the timeframe for reviews has been extended, depleting potential recoveries for creditors. ResCap also argues its obligations under the agreement should be treated as an unsecured claim in its Chapter 11 bankruptcy, according to a filing in U.S. Bankruptcy Court on Wednesday.

[FOX BUSINESS]

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