Editor: David Reiss
Brooklyn Law School

July 30, 2013

GMAC to Pay Out

By Gloria Liu

In a statement by the Federal Reserve, GMAC Mortgage will pay $230 million to compensate borrowers for improper handling of foreclosures. GMAC Mortgage will pay about 232,000 borrowers to settle claims it improperly seized homes. In a deal similar to those regulators struck with 13 other mortgage servicers this year, the money goes to borrowers who faced foreclosure in 2009 and 2010.

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