Mayo v. Residential Funding Company and GMAC Mortgage Settlement

WRRSV is pleased to announce that they have settled the claims of 94 putative class members against only Defendants, Residential Funding Company (“RFC”) and/or GMAC Mortgage (“GMAC”), with respect to 70 of the loans at issue in Mayo v. GMAC Mortgage, LLC, et al., Case No. 4:08-CV-00568-W-DGK. The class action settlement resolves the claims of 94 class members against RFC and GMAC for violations of Missouri’s Second Mortgage Loans Act for those loans that were purchased by UBS Real Estate Securities, Inc. and that were also purchased by or serviced by or master serviced by RFC and/or GMAC.

 

The settlement of the claims of the 94 putative class members against RFC and GMAC as to those 70 loans in Mayo v. GMAC Mortgage, LLC., et al., was effectuated by the filing of a separate action against RFC and GMAC in the Circuit Court of Jackson County, Missouri named Shokere-Mayo vs. Residential Funding Company., et al., Case No. 1116-CV30478.  The claims were settled in that action.

 

The 94 settling class members as to the 70 loans from the Mayo v. GMAC Mortgage, LLC., et al. action will receive a payment ranging from $250 to an estimated $23,457.09 ($2,229.36 on average). Class Members can see what we currently estimate the amount of their settlement payment to be by accessing the Proposed Distribution Schedule on the Shokere v. RFC Settlement webpage.  To access the Proposed Distribution Schedule for your settlement benefit through the Shokere v. RFC Settlement webpage, click here.

 

It should be noted that the claims of the 94 putative class members against only RFC and GMAC in Mayo v. GMAC Mortgage, LLC., et al. have been settled.  The claims against all other Defendants by the 94 putative class members and the claims of all other putative class members against other Defendants still remain for resolution.

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