GMAC To Pay $230M In Fed Foreclosure Deal

Law360, New York (July 26, 2013, 4:30 PM EDT) -- 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.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.