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GMAC Mortgage joins independent foreclosure review settlement

GMAC Mortgage joins independent foreclosure review settlement

Federal regulators added another mortgage servicing company to an amendment that will compensate eligible homeowners impacted by the foreclosure crisis.

The Federal Reserve Board released an amended enforcement action against GMAC Mortgage Friday, requiring $230 million in cash payments to mortgage borrowers.

The amendment is similar to those announced earlier this year between more than a dozen mortgage servicers, the Office of the Comptroller of the Currency and the Federal Reserve.

Like other institutions, GMAC Mortgage ($25.32 0.03%) was subject to an enforcements action for deficient practices in mortgage loan servicing and foreclosure processing back in 2011.

The bankruptcy court overseeing the proceedings involving GMAC Mortgage approved the company’s entry into the amended enforcement action. As a result of the amendment, the independent foreclosure reviews will conclude for the GMAC Mortgage borrowers.

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