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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Former GM unit Ally sends mortgage unit into bankruptcy
DETROIT — The U.S. government is hoping Monday’s bankruptcy filing by Ally Financial Inc.’s troubled mortgage business will help the company repay its government bailout faster.
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Ally estimates $1.3 billion second quarter loss after ResCap files for bankruptcy
Detroit-based Ally Financial Inc. estimated that it would lose about $1.3 billion during the second quarter as a result of the Chapter 11 bankruptcy of its Residential Capital unit and other mortgage subsidiaries.
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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 - Time running out for Ally Financial's restructuring
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.
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