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Real Estate & Property Law

: The Home Equity Theft Reporter

GMAC To Pay $462M To Avoid Fannie Buyback Demand On $292B In Crappy Loans

By r morris

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Reuters reports:Ally Financial Inc, the lender formerly known as GMAC, on Monday said it agreed to pay $462 million to Fannie Mae to avoid having to repurchase poorly underwritten mortgages sold to the housing finance giant.Ally, which is majority-owned by U.S. taxpayers, said the agreement releases its Residential Capital LLC mortgage unit from any liability related to bad underwriting on $292

Full post as published by The Home Equity Theft Reporter on December 29, 2010 (boomark / email).

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