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Ally Financial Will Pay $52M To Settle RMBS Fraud Allegations Involving Subsidiary ResCap

According to the U.S. Department of Justice, Ally Financial (ALLY) will pay $52M to resolve allegations accusing its subsidiary Residential Capital (ResCap) of purposely marketing mortgage bonds even though it knew that the mortgages backing the bonds were toxic. At issue are Residential Capital LLC mortgage-backed securities. 10 subprime residential…

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