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Economy
Ally (formerly GMAC) files bankrupcy for mortgage unit
2012-05-14
Key issue: they want to IPO the car loan business, for which they got $17.1 billion in govt money, $5.5 billion of which has been repaid so far. Key issue: will BoA dump its Countrywide unit too?
By severing itself from ResCap, Ally hopes to focus its efforts on its core auto-lending and online-banking businesses, though it still faces significant risks.

The lender has been hit with billions of dollars worth of lawsuits over soured mortgage securities and claims to buy back shoddily underwritten loans by mortgage insurers and investors.

Posted by:

#1  "Bin Laden is dead, GM is......"
Posted by: Besoeker   2012-05-14 14:37  

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