Subprime mortgage lender Residential Capital LLC has reached an agreement with a group of insurers that guarantees a $150 million payment — part of parent-company Ally Financial Inc .'s larger $2.1 billion contribution — to its bankruptcy estate later this year, Dow Jones Daily Bankruptcy Review reported today. Pending approval of the settlement from Bankruptcy Judge Martin Glenn, Ally will pay ResCap's creditors the first $150 million it collects from insurance carriers within 30 days of receiving those funds. The remaining $1.95 million is to be paid in cash by Sept. 30. A hearing related to the settlement is scheduled for Feb. 20.
