Recall that Ally is, for the most part, owned by Uncle Sam. This is kinda like a little New Year's gift to himself. While the payment is somewhat more than Ally had set aside, there is no way that our benevolent government ("OBG") would have financially harmed its investment.
(NYT) Ally Financial said Monday that it would pay $462 million to settle buyback claims on $292 billion in home loans it sold to Fannie Maebefore the industry tightened underwriting standards in the wake of the financial crisis.
GMAC Mortgage, which is part of Ally’s Residential Capital unit, originates and services loans then sells them to the government-sponsored mortgage companies Fannie Mae and Freddie Mac. As part of their repurchasing deals, Fannie and Freddie have the option to challenge Ally’s underwriting standards. If successful, they could have required Ally to buy back the loans in question.
The settlement covers loans that GMAC serviced for Fannie Mae before June 30 and all mortgage-backed securities that Fannie Mae bought from the company. The $462 million is slightly more than the reserves that Ally had set aside to cover a potential deal.
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Hello Everybody,
ReplyDeleteMy name is Ahmad Asnul Brunei, I contacted Mr Osman Loan Firm for a business loan amount of $250,000, Then i was told about the step of approving my requested loan amount, after taking the risk again because i was so much desperate of setting up a business to my greatest surprise, the loan amount was credited to my bank account within 24 banking hours without any stress of getting my loan. I was surprise because i was first fall a victim of scam! If you are interested of securing any loan amount & you are located in any country, I'll advise you can contact Mr Osman Loan Firm via email osmanloanserves@gmail.com
LOAN APPLICATION INFORMATION FORM
First name......
Middle name.....
2) Gender:.........
3) Loan Amount Needed:.........
4) Loan Duration:.........
5) Country:.........
6) Home Address:.........
7) Mobile Number:.........
8) Email address..........
9) Monthly Income:.....................
10) Occupation:...........................
11)Which site did you here about us.....................
Thanks and Best Regards.
Derek Email osmanloanserves@gmail.com