The Settlement Class
The Settlement Class is defined as follows:
ALL PERSONS WHO OBTAINED RESIDENTIAL MORTGAGE LOANS ORIGINATED AND/OR ACQUIRED BY GMAC MORTGAGE, ALLY BANK, AND/OR THEIR AFFILIATES ON OR AFTER JANUARY 1, 2004, WITH PRIVATE MORTGAGE INSURANCE WHICH WAS REINSURED BY CAP RE.
The Settlement
The Defendants have agreed to create a Settlement Fund consisting of $6,250,000 (six million two hundred fifty thousand dollars) to be divided among Class Members, after payment of any Court-approved attorneys’ fees and expenses, Case Contribution Awards to the Named Plaintiffs, and payment of other costs and expenses of Settlement administration. This Settlement also releases certain claims against the Defendants.
A Final Approval Hearing was held on September 17, 2014, at 10:00 a.m. before the Honorable Paul S. Diamond, District Court Judge, United States District Court for the Eastern District of Pennsylvania, Philadelphia, Pennsylvania.
The Court entered an order on September 19, 2014 approving Plaintiffs’ Unopposed Motion for Final Approval of Class Action Settlement, Certification of Settlement Class, Approval of Plan of Allocation, Appointment of Class Representatives and Appointment of Lead Class Counsel and Class Counsel (the “Final Approval Order”).
The initial distribution to eligible Class members took place on January 24, 2015.
If you have questions about the Settlement in Moore, et al. v. GMAC Mortgage, et al, please send an email to: gmacpmisettlement@ktmc.com. This e-mail will go to Kessler Topaz Meltzer & Check, LLP, Lead Class Counsel, and will be directed to the individuals handling the Settlement. Lead Class Counsel has also set up a toll free number, (877) 899-2980, if you prefer to call with your questions.