Bankruptcy
Reorganization Plan
Real Estate Mortgage Origination Company
In re Residential Capital LLC
Published: Mar. 26, 2016 | Result Date: Feb. 9, 2016 | Filing Date: Jan. 1, 1900 |Case number: 12-12020-mg Settlement – Equitable Settlement
Facts
Plaintiffs asserted class action claims on behalf of residential mortgage borrowers against their loan servicer, GMAC Mortgage LLC, and others.
Contentions
PLAINTIFFS' CONTENTIONS:
Plaintiffs contended that they were overcharged for force- or lender-placed hazard insurance relating to loans serviced by GMAC.
Result
The parties agreed on a settlement in the Bankruptcy Proofs of Claim in exchange for an allowed unsecured claim in the amount of $13 million against GMAC. Pursuant to the settlement, individual recovery will be calculated using a formula comparing an individual class member's loss against the losses of all eligible class members.
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