Ally Financial to pay $52 million in ResCap toxic #mortgage bond settlement

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. ❤️ #share #mortgage