NEW YORK (Reuters) - Ally Financial Inc's Residential Capital unit is nearing a bankruptcy filing, sources familiar with the situation said on Sunday, in a move that could help the taxpayer-owned auto lender to shed its troubled mortgage business but also spur drawn-out legal fights.
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Sources: Ally Financial's mortgage unit nears bankruptcy
Posted by mortgage 6 days ago (Editorial)
Ally?s Residential Capital Files for Bankruptcy Protection
Posted by mortgage 6 days ago (Editorial)
Residential Capital LLC, the unprofitable mortgage company whose parent Ally Financial Inc. (ALLY) is trying to repay a U.S. government bailout, filed for bankruptcy.
Ally not looking to sell U.S. auto lending: CEO
Posted by mortgage 5 days ago (Editorial)
(Reuters) - Ally Financial is "absolutely not" looking to sell its core U.S. auto lending business as it seeks ways to pay back $12 billion it owes to U.S. taxpayers after a government-funded bailout during the financial crisis, the company's CEO said Tuesday. Ally, the former in-house financing arm for General Motors Co , on Monday announced plans to sell some international operati
Ally Financial's Mortgage Unit Reported To File Bankruptcy
Posted by mortgage 6 days ago (Editorial)
Ally Financial Inc's Residential Capital unit is nearing a bankruptcy filing, sources familiar with the situation said on Sunday, in a move that could help the taxpayer-owned auto lender to shed its troubled mortgage business but also spur drawn-out legal fights.
Bankruptcy Aims To Free Ally of Bad Mortgage Assets After Auto Rescue
Posted by mortgage 5 days ago (Editorial)
Ally Financial, which still owes the government about two-thirds of the $17.2 billion in emergency loans it received as part of the General Motors and Chrysler rescues, nudged its residential mortgage subsidiary into Chapter 11 bankruptcy today to shed toxic mortgage-related securities.
A big day for the 1%
Posted by mortgage 18 days ago (Editorial)
The Dow Jones Industrial Average hit 13,338 Tuesday, it?s highest since December, 2007. The S&P 500 added 16 points. Wall Street will remember May 1 as a great day. But most of these gains are going to the richest 10 percent of Americans who own 90 percent of the shares traded on Wall Street. And the lion?s share of the gains are going to the wealthiest 1 percent. Shares are up because corporate
Ally Financial's mortgage unit nears bankruptcy: sources
Posted by mortgage 6 days ago (Editorial)
NEW YORK (Reuters) - Ally Financial Inc's Residential Capital unit is nearing a bankruptcy filing, sources familiar with the situation said on Sunday, in a move that could help the taxpayer-owned auto lender to shed its troubled mortgage business but also spur drawn-out legal fights. The board of ResCap is scheduled to meet later on Sunday and a pre-arranged bankruptcy filing, where Ally has
Time running out for Ally Financial
Posted by mortgage 13 days ago (Editorial)
Interviews with people directly involved in Ally?s restructuring reveal how missed opportunities, competing interests, lax oversight from the government and bad luck have stymied Ally
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