Ally Financial will pay $52 million to settle allegations that one of its subsidiaries, Residential Capital (also called ResCap), knowingly marketed #mortgage bonds despite the fact that the underlying #mortgages were toxic. Under the terms of the settlement agreement, Ally Securities, formerly known as Residential Funding Securities, will immediately discontinue operations and be de-registered as a broker-dealer as an acknowledgment of the improper conduct. http://www.housingwire.com/articles/38578-ally-financial-to-pay-52-million-in-rescap-toxic-mortgage-bond-settlement ❤️ #share #mortgage
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