Items Tagged with 'Ally'

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Ally Financial to pay $52 million in ResCap toxic mortgage bond settlement

Marketed subprime RMBS deals knowing quality of mortgages
Ally Financial will pay $52 million to settle allegations that one of its subsidiaries, Residential Capital (also called ResCap), knowingly marketed mortgage bonds despite the fact that the underlying mortgages were toxic. Under the terms of the settlement agreement, Ally Securities, formerly known as Residential Funding Securities, will immediately discontinue operations and be de-registered as a broker-dealer as an acknowledgment of the improper conduct.
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Ally Financial getting back into mortgage business

Two years after dropping mortgages completely
Two years after being completely driven from the mortgage business due to the losses suffered by its former subsidiaries, GMAC Mortgage and Residential Capital, also known as ResCap, Ally Financial is getting back into mortgages.
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Treasury readies Ally initial public offering

The beginning of the end
Once a major player in the mortgage market, the automotive finance company and bank holding company will be traded on the New York Stock Exchange under the ticker ALLY. But will the Treasury make its money back on its investment?
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ResCap files for bankruptcy

Residential Capital, the besieged mortgage unit of Ally Financial, filed for bankruptcy."The action by ResCap will enable Ally to achieve a permanent solution to its legacy...
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