Bankruptcy Aims To Free Ally of Bad Mortgage Assets After Auto Rescue
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.
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Insight - Time running out for Ally Financial's restructuring
NEW YORK/CHARLOTTE, North Carolina (Reuters) - In the fall of 2009, the board of GMAC, one of the largest U.S. auto and home-loan companies, gathered in New York to discuss whether to put its troubled mortgage unit into bankruptcy. GMAC, now called Ally Financial, was just about to receive the last of $17 billion (10 billion pounds) in taxpayer bailouts. The board, including directors named by ...
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Insight: Ally's mortgage unit problems come full circle
NEW YORK/CHARLOTTE, North Carolina (Reuters) - In the fall of 2009, the board of GMAC, one of the largest U.S. auto and home-loan companies, gathered in New York to discuss whether to put its troubled mortgage unit into bankruptcy. GMAC, now called Ally Financial, was just about to receive the last of $17 billion in taxpayer bailouts. The board, including directors named by the U.S. government ...
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INSIGHT-UPDATE 1-Ally's mortgage unit problems come full circle
* ResCap bankruptcy is possible by May 14 * No agreement on how to repay taxpayers $12 bln * Frustration at Treasury over lack of progress at Ally * Missed chances, external events stymied turnaround (Adds ...
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7 ways you're wasting money
A mortgage or insurance may be inevitable, but overpaying for it isn't. Here are easy ways to cut common costs in your life so you can get on with enjoying it more.
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Many ways out of Foreclosure: