GMAC Will Pay Borrowers $230 Million on Faulty Foreclosures

GMAC Will Pay Borrowers $230 Million on Faulty Foreclosures

Bradley C. Bower/Bloomberg

GMAC Mortgage will pay about 232,000 borrowers to settle claims it improperly seized homes, the Fed said. In a deal similar to those regulators struck with 13 other mortgage servicers this year, the money goes to borrowers who faced foreclosure in 2009 and 2010.