ResCap to Pay $230M to End Foreclosure Reviews

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ResCap to Pay $230M to End Foreclosure Reviews

ResCap to Pay $230M to End Foreclosure Reviews

American Banker-

Residential Capital has won court permission to set aside $230 million for payments to homeowners whom the company may have foreclosed on improperly.

The former subprime mortgage unit of Ally Financial has received approval to enter into an agreement with the Federal Reserve Board that would end regulatory review of its foreclosure practices, Judge Martin Glenn of the U.S. Bankruptcy Court in Manhattan ruled on Wednesday.

The ruling means that ResCap, which has operated under bankruptcy protection since last year, would join 10 mortgage servicers that agreed in January to pay a combined $8.5 billion to end similar reviews.

[AMERICAN BANKER]

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