Ally Financial completes its share of mortgage relief-monitor

Thu Feb 14, 2013 2:30pm EST

Feb 14 (Reuters) - U.S. auto lender Ally Financial has satisfied a requirement to provide $200 million in home loan modifications and other consumer relief under last year's $25 billion national mortgage settlement, the pact's monitor said Thursday.

Ally, along with its Residential Capital and GMAC Mortgage units, becomes the first of five mortgage servicers to complete its portion of the mandated customer assistance.

Joseph Smith, the former North Carolina state banking commissioner who is the monitor for the settlement, said he filed a report with the U.S. District Court for the District of Columbia certifying Ally had met the requirement. Ally is 74 percent owned by the U.S. government after a series of bailouts and is largely exiting the mortgage business.


After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.