Ally Financial Inc., the lender formerly known as GMAC Inc., said Monday that its mortgage unit reached a $462 million settlement to resolve potential repurchase claims by Fannie Mae on $292 billion of home loans.

The settlement covers loans serviced by GMAC Mortgage for Fannie before June 30 and all mortgage-backed securities that Fannie bought from the lender, the Detroit-based Ally said. The accord was reached on behalf of Ally's Residential Capital unit and some of its subsidiaries.

The agreement "modestly" exceeds prior reserves, Ally said. ResCap and Fannie also reached an agreement regarding ResCap's payment of mortgage insurance proceeds where coverage is rescinded or canceled. "ResCap does not expect this exposure to be material," Ally said.

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