NEW YORK – Ally Financial Inc. has agreed to pay $462 million to settle buyback claims on $292 billion in home loans that it sold to Fannie Mae in the period before the meltdown in financial markets and the resulting tightening in underwriting standards.
The loans were made by GMAC Mortgage, a unit of Ally’s Residential Capital, which in turn sold them to both Fannie Mae and Freddie Mac. But both Fannie and Freddie have the option as part of the sale agreement of retroactively challenging any loans for which it believes were not properly underwritten.
