Ally Financial (Formerly GMAC) in $462 Million Settlement with Fannie

Both Ally and Fannie Mae are majority-owned by U.S. taxpayers

Palm Coast, FL – December 28, 2010

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 billion worth of loans sold to Fannie Mae, itself about 80 percent owned by the government.
Read More >>>> ABC News

1 reply
  1. Alex
    Alex says:

    What a great deal,

    GMAC sells $292 billion worth of toxic asset to us. Pays $462 million to avoid liability. No one goes to jail because no laws were broken.

    Rich will never get poor.

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