GMAC To Pay $230M In Fed Foreclosure Deal

Law360, New York (July 26, 2013, 4:30 PM ET) -- Bankrupt Residential Capital LLC's subsidiary GMAC Mortgage LLC will pay $230 million to borrowers who lost their homes due to the company's alleged deficient mortgage servicing and foreclosure practices under a deal with the Federal Reserve that secured court approval Friday.

U.S. Bankruptcy Judge Martin Glenn gave the go ahead for the deal — an amendment to an April 2011 consent order — allowing for ResCap and its subsidiary GMAC Mortgage LLC to put $230 million into an escrow account to pay back more than 232,000...
To view the full article, register now.