Ally settles U.S. regulators' mortgage securities claims for $170 Million

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Ally settles U.S. regulators’ mortgage securities claims for $170 Million

Ally settles U.S. regulators’ mortgage securities claims for $170 Million

Can someone point me in the right direction… I want to steal $6 Billion and only pay out the suckers $170 Million in return.

Thanks in advance.


Reuters-

Ally Financial Inc, the former parent of bankrupt Residential Capital LLC, has agreed to settle lawsuits by two U.S. regulators over alleged misstatements about its residential mortgage-backed securities.

The automotive lender said on Tuesday it had reached a deal to resolve a lawsuit by the Federal Housing Finance Agency (FHFA) over $6 billion in mortgage investments as well as separate claims from the Federal Deposit Insurance Corp. Ally said it expects to record a charge of about $170 million.

“These settlements are key steps in Ally addressing its remaining legacy mortgage risks,” Michael Carpenter, the company’s chief executive, said in the statement.

[REUTERS]

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