Ally Financial Settles Fannie Mae's Buyback Claims

DETROIT-Lender Ally Financial, formerly known as GMAC, has declared that its mortgage unit Residential Capital has settled Fannie Mae's buyback claims on home loans worth $292 billion for about $462 million.

By GlobeSt News Hub | December 28, 2010 at 01:01 AM

DETROIT-Lender Ally Financial, formerly known as GMAC, has declared that its mortgage unit Residential Capital has settled Fannie Mae's buyback claims on home loans worth $292 billion for about $462 million.

The agreement includes mortgages serviced by GMAC Mortgage for Fannie Mae prior to June 30, 2010 and all other loan-backed securities that Fannie Mae purchased from Ally Financial. For the full story, go to Detroit Free Press.

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