Ally Financial to pay $52 million in ResCap toxic mortgage bond settlement

Ally Financial will pay $52 million to settle allegations that one of its subsidiaries,Residential Capital (also called ResCap), knowingly marketed mortgage bonds despite the fact that the underlying mortgages were toxic, the U.S. Attorney’s Office announced Monday.

The settlement stems from 10 subprime residential mortgage-backed securities issued in 2006 and 2007.

Read on/

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s