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Tag Archives: Ally

Settlement Monitor Releases Update on Servicers’ Progress

Joseph A. Smith, the monitor overseeing fulfillment efforts put forward by each servicer involved in the National Mortgage Settlement, has issued a report on their progress satisfying consumer relief obligations outlined in the agreement. Smith's report covers servicer activities through December 31, 2012, which have been vetted and verified by the Office of Mortgage Settlement Oversight. Each servicer's internal review group provided Smith with information on the servicers' crediting progress in February of this year.

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ResCap Moves Forward with Bankruptcy Agreement

Residential Capital (ResCap), Ally Financial's former mortgage subsidiary, announced Thursday it had filed a motion with the U.S. Bankruptcy Court for approval of the previously announced agreement with Ally and ResCap's major creditors. Under the plan support agreement announced mid-May, Ally will contribute $2.1 billion to the ResCap estate to settle any and all claims between ResCap and Ally and potential claims held by third parties in relation to ResCap.

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Hearing Examines Treasury-Approved Executive Compensation

Following a recent report from the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), which charged that Treasury has not appropriately limited compensation for executives at companies bailed out by TARP, a House subcommittee held a hearing on the matter.

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