Home / Tag Archives: Ally (page 2)

Tag Archives: Ally

Ally Looks to Shift Further Away from Mortgage Business

Ally Bank announced it has launched a ""process to explore strategic alternatives for its agency mortgage servicing rights (MSR) portfolio and its business lending operations."" The announcement signals another step in Ally's shift away from the housing market.

Read More »

States Divert Nearly Half of Settlement Money Earmarked for Housing

Less than half of the states' $2.5 billion from the national mortgage servicing settlement is being used for housing initiatives as intended, according to Enterprise Community Partners. It's been six months since a federal judge approved the agreement between the nation's five largest mortgage servicers and state and federal officials, and Enterprise says to date, states have announced housing- and foreclosure-related plans for $966 million of their settlement share; $988 million has been diverted to states' general funds or non-housing uses; and $588 million has yet to be allocated.

Read More »

Oklahoma Residents First to Receive Mortgage Settlement Payments

Oklahoma Attorney General Scott Pruitt has issued the first borrower payments resulting from settlements with the nation's five largest mortgage servicers over faulty foreclosure processing. Oklahoma families who were subject to the servicers' ""unfair and deceptive practices ... following the financial crisis,"" can expect to receive their checks soon, Pruitt said. Oklahoma was the only state to craft its own agreement with Bank of America, Citi, JPMorgan Chase, GMAC/Ally, and Wells Fargo.

Read More »

Major Servicers Report Implementing 320 Servicing Standards

The nation's five largest mortgage servicers had 180 days to implement the 320 servicing standards outlined in the settlement reached with the U.S. Department of Justice and 49 state attorneys general. The standards address such areas as borrower communication, single point of contact, training for loss mitigation staff, and document execution related to foreclosure actions. And as described by the attorneys general's own negotiating committee, to put all the required changes in place involved ""a massive undertaking.""

Read More »

Bonuses Denied for 17 ResCap Executives

Residential Capital (ResCap) was denied approval from a federal bankruptcy judge to pay its executives bonuses, Reuters reported Wednesday. The key employee incentive plan (KEIP) plan was for bonuses between $4.1 million and $7 million to be distributed to 17 of the top 20 employees from ResCap.

Read More »

Treasury Appoints Two to Ally Board

Treasury announced Wednesday that it exercised its right to appoint two directors to the Ally Financial Inc. board of directors, selecting Henry Miller and Gerald Greenwald for the positions.

Read More »

National Servicing Settlement Funds Expand Connecticut Programs

Connecticut attorney general George Jepsen announced Friday that programs of benefits resulting from a $25 billion mortgage foreclosure servicing settlement are moving forward in the state. Out of Connecticut's $190 million share of the settlement funds, an estimated $119 million is going into loan modifications. The banks have also agreed to provide $36 million in refinancing to Connecticut borrowers whose homes are worth less than their mortgages. Furthermore, they agreed to provide cash payments of about $1,500 to an estimated 7,500 borrowers in the state who experienced loan servicing abuses and lost their homes to foreclosure between the start of 2008 and the end of 2011.

Read More »

With ResCap Deal, Ally Shifts From Home Loans to Auto Loans

After suffering from bad loans during the financial crisis, Ally Financial looks to close the books on its share of ownership in the mortgage business. Executives with Ally took to the phone with investors Tuesday to explain a filing for bankruptcy protection Monday by subsidiary Residential Capital LLC. The consensus: Residential mortgage loans are out for Ally and auto finance is back in the center. Ally will still subservice loans via ResCap while it serves as counterparty to Fannie Mae and Freddie Mac.

Read More »

Ally’s Mortgage Unit Files for Bankruptcy; New Strategies Announced

Ally Financial announced Monday that its mortgage arm Residential Capital (ResCap) filed for bankruptcy, enabling the bank to focus on strategies to pay back remaining bailout funds still owed to Treasury. ResCap filed for Chapter 11 bankruptcy in Manhattan federal court, and Ally announced it will sell some its international operations to pay back Treasury. The financial institution will also focus on strengthening its auto and banking businesses.

Read More »

Behind the $25B Settlement: Joe Smith

Parties to the landmark mortgage servicing settlement appointed one man to oversee $25 billion in compliance. In an interview with DS News, Joseph A. Smith, onetime banking commissioner for North Carolina and ex-nominee to head the Federal Housing Finance Agency, lays out the role he envisions playing as he monitors funds for homeowners, states, and the federal government. The settlement monitor speaks with an understated tone about his stewardship of the historic settlement, which 49 state attorneys general and federal officials completed in February.

Read More »

Your Daily Dose of DS News

Get the news you need, when you need it. Subscribe to the Daily Dose of DS News to receive each day’s most important default servicing news and market information, absolutely free of charge.