Assured Guaranty Sues GMAC, Ally Over $56M Losses

Law360, New York (May 15, 2012, 7:59 PM EDT) -- Assured Guaranty Municipal Corp. on Friday hit GMAC Mortgage LLC along with Ally Financial Inc., its beleaguered mortgage unit Residential Capital LLC and others in a lawsuit accusing the firms of misrepresenting the quality of securitized mortgage loans for which it had to pay out $55.7 million in claims.

Assured's complaint filed in New York federal court pointed to two securitization transactions that occurred in 2004 and 2008, claiming the companies had sought its credit support to help make the transactions more marketable, but had misrepresented...
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