Mortgage Settlement Monitor: Ally Financial Has Satisfied Obligations

""Ally"":http://www.ally.com/ has satisfied its consumer relief obligations required under last year's National Mortgage Settlement (NMS), according to a report filed by ""settlement monitor"":https://www.mortgageoversight.com/ Joseph Smith Jr.

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Smith filed his report with the Federal District Court for the District of Columbia, certifying that ""Residential Capital, LLC, Ally Financial, Inc. and GMAC Mortgage, LLC (collectively, Ally) have satisfied their consumer relief obligations.""

According to the settlement terms, Ally was required to pay $200 million of relief to customers in the form of loan modifications, short sales, principal forgiveness, and other forms of relief. Smith confirmed that the bank provided more than $257 million to that end.

Smith also stated that Ally has been found to be ""in substantial compliance with its mandatory solicitation requirements under NMS,"" having established loan modification and refinance programs that meet the obligation.

""I will continue my work with Ally and its successors to ensure that they are following the servicing standards, fulfilling their mandatory solicitation obligations and appropriately working with their customers over the next two years,"" Smith said in a statement. ""I hope that the consumer relief and the servicing standards the crafters of this bipartisan, state-federal Settlement negotiated will continue to help homeowners across the nation.""

As NMS Monitor, Smith will release his third report on servicer progress next week. The report will include data on the consumer relief activity Ally, ""Bank of America"":https://www.bankofamerica.com/, ""Citi"":http://www.citigroup.com/, ""Chase"":https://www.chase.com/, and ""Wells Fargo"":https://www.wellsfargo.com/--the five banks involved in the settlement--performed between March 1 and December 31 last year.