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.
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