Ally Financial News
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Residential Capital LLC, the bankrupt mortgage company indirectly owned by the U.S. government, won court approval to quit funding $1.7 billion in consumer home- equity lines of credit to conserve cash.
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Residential Capital LLC, the bankrupt mortgage unit of Ally Financial Inc., could pay 105 cents on the dollar to junior secured guaranteed note holders under in the company’s bankruptcy plan announced yesterday.
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Residential Capital LLC, the mortgage-lending unit of Ally Financial Inc., triggered payouts on more than $1 billion of contracts linked to its debt, according to the committee of banks and investors that govern credit-default swaps.
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Ally Financial Inc. contributed $750 million to cover legal claims on soured loans tied to its bankrupt mortgage unit, even though the firm calls them meritless, “to avoid the noise,” according to its leader.
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Greenberg Traurig LLP said yesterday that it has opened an office in Warsaw with a team of more than 50 lawyers formerly with Dewey & LeBoeuf LLP. The firm will operate as Greenberg Traurig Grzesiak in Poland. Jaroslaw Grzesiak, former managing partner of Dewey’s Warsaw office, serves as the managing partner and Lejb Fogelman as the senior partner.
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Residential Capital LLC, the bankrupt mortgage company indirectly owned by the U.S. government, won interim approval to borrow $1.45 billion to help fund the company’s operations.
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Ally Financial Inc., the auto lender whose mortgage unit went bankrupt, may sell international car- finance and insurance operations to help repay a $17.2 billion U.S. bailout, Chief Executive Officer Michael Carpenter said.
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General Motors Co. is interested in acquiring Ally Financial Inc.’s international operations, the chief executive officer of the world’s top-selling automaker said.
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Residential Capital LLC, the unprofitable mortgage company whose parent Ally Financial Inc. is trying to repay a U.S. government bailout, filed for bankruptcy and plans to sell most of its assets to Fortress Investment Group LLC.
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U.S. Assistant Treasury Secretary for Financial Stability Timothy G. Massad said today that while Residential Capital LLC’s Chapter 11 bankruptcy filing is unfortunate, the “action puts taxpayers in a stronger position to continue recovering their investment in Ally Financial.”
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