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Company: Ally Financial Inc. (formerly GMAC)
Current Parent Company:
Ally Financial
Parent at the Time of the Penalty Announcement:
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Recap of Ownership Changes:
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Penalty: $309,600,000
Year: 2012
Date: February 9, 2012
Offense Group: consumer-protection-related offenses
Primary Offense: mortgage abuses
Mega-Scandal:
Mortgage Abuses
Violation Description: The federal government and 49 state attorneys general reached a $25 billion agreement with the nation's five largest mortgage servicers to address mortgage loan servicing and foreclosure abuses. The penalty figure is the total of the amounts specified in the the individual company's consent judgment for direct payments and homeowner relief.
Level of Government: federal
Action Type: agency action
Agency: Justice Department multiagency referral
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: Michigan
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: financial services
Source of Data:
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the
Update Log.