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Ally GMAC Mortgage Settlement Documents

Ally GMAC Mortgage Settlement Documents

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Published by FindLaw
These documents contain details of the national mortgage settlement reached between the federal government and the five largest loan servicers operating in the U.S.
These documents contain details of the national mortgage settlement reached between the federal government and the five largest loan servicers operating in the U.S.

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Published by: FindLaw on Mar 12, 2012
Copyright:Attribution Non-commercial


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et al.
et al.
,Defendants.)))))))))))))))))Civil Action No. ________ 
WHEREAS, Plaintiffs, the United States of America and the States of Alabama, Alaska,Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii,Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Michigan, Minnesota,Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oregon, Rhode Island, South Carolina, SouthDakota, Tennessee, Texas, Utah, Vermont, Washington, West Virginia, Wisconsin, Wyoming,the Commonwealths of Kentucky, Massachusetts, Pennsylvania and Virginia, and the District of Columbia filed their complaint on March , 2012, alleging that Residential Capital, LLC, AllyFinancial, Inc., and GMAC Mortgage, LLC (collectively, “Defendant”) violated, among other laws, the Unfair and Deceptive Acts and Practices laws of the Plaintiff States, the False ClaimsAct, the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the
Addendum to Federal and State Settlement Agreements
The Federal Parties, the State Parties, Residential Capital LLC (“ResCap”), GMAC Mortgage,LLC (“GMACM”), Residential Funding Company, LLC (“Residential Funding” and, together with ResCap and GMACM, the “ResCap Parties”), and Ally Financial, Inc. (“AFI”) have agreedto enter into the Consent Judgment. Capitalized terms used herein but not defined herein havethe meanings assigned to them in the relevant portion or exhibit of the Consent Judgment.In recognition of the financial situation of the ResCap Parties, the agreements of AFI withrespect to the payment of settlement funds in the event the ResCap Parties do not perform certainobligations, and the agreement of the ResCap Parties to establish the ResCap Settlement LoanModification Programs set forth below, in addition to the terms agreed elsewhere in the ConsentJudgment, the Parties agree to the following:1. Pursuant to Paragraph 3 of the Consent Judgment, the ResCap Parties shall pay a DirectPayment Settlement Amount of $109,628,425, by electronic funds transfer no later than sevendays after the Effective Date of the Consent Judgment, in accordance with written instructions to be provided by the United States Department of Justice and, in furtherance of such payment, AFIhas undertaken the obligations specified in Paragraph 8 of this Addendum, including, withoutlimitation, entering into the Earmark and Indemnification Agreement.2. In addition, the ResCap Parties and AFI agree that the United States shall not beresponsible for attorney’s fees for the relator in United States ex rel. Szymoniak v. [SEALED],Civ No. 0:10-cv-01465 (D.S.C.) or in United States ex rel. Szymoniak v. [SEALED], Civ No.3:10-cv-575 (W.D.N.C.) in connection with the settlement of those matters.3. The ResCap Parties (and to the extent the ResCap Parties do not perform suchobligations, AFI) shall be responsible for $200,000,000 in consumer relief as set forth in theConsumer Relief Requirements, credited pursuant to the terms therein and this Addendum.a.
 Notwithstanding anything to the contrary in the Consent Judgment or the Exhibitsthereto, the ResCap Parties and AFI, jointly and severally, will be obligated to makethe payments specified in Paragraph 10.d of Exhibit D to the Consent Judgment(Consumer Relief Requirements), Exhibit H (SCRA), and Paragraph 7 of thisAddendum in the event and to the extent that the ResCap Parties, AFI, or their successors in interest do not complete the Consumer Relief Activities set forth inExhibit D to the Consent Judgment; provided, however, that any successor or  purchaser of all or a substantial portion of the assets of the ResCap Parties shall not be obligated to pay any of the amounts owed by the ResCap Parties or AFI under theConsent Judgment or the Exhibits thereto. b.
 Notwithstanding the terms of Exhibit D of the Consent Judgment (Consumer Relief Requirements), the ResCap Parties shall receive credit toward their Consumer Relief commitment, up to a total of $1.6 million, for the ResCap Parties’ out of pocket costsof contributions to a national borrower portal and partnering with third parties for 

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