News

The Daily Docket: Ally Puts ResCap Into Bankruptcy - Wall Street Journal

05/14/12

Ally Financial Inc.’s troubled mortgage subsidiary filed for Chapter 11 bankruptcy early Monday, potentially paving the way for Ally to sever itself from substantial litigation that has been a drag on its other operations and prevented it from ...

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Residential Capital seeks Chapter 11 protection - FOX News

05/14/12

DETROIT – Residential Capital LLC, a perpetually troubled mortgage subsidiary of government-owned Ally Financial Inc., has filed for bankruptcy protection. The filing early Monday will separate the money-losing operations of Residential ...

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Ally hopes to end mortgage woes with ResCap bankruptcy - msnbc.com

05/14/12

Ally still owes the government about $12 billion, counting dividend payments by the lender and sale of some securities by the Treasury. The bankruptcy filing comes as pressure increases on Ally to repay that money and problems at ResCap become increasingly unmanageable.

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Treasury Says ResCap Filing Unfortunate, Taxpayers Gain - Bloomberg

05/14/12

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 ...

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ResCap Board of Directors Approves Chapter 11 Filing and Restructuring Plan Supported by Key Constituencies - Marketwatch

05/14/12

The Chapter 11 filings are intended to facilitate ResCap's sale of ... The settlements are subject to Bankruptcy Court approval. Given the support of Ally Financial, the debtholders, and other constituencies, ResCap is hopeful that its ...

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Residential Capital seeks Chapter 11 protection - ksl.com

05/14/12

DETROIT (AP) - Residential Capital LLC, a perpetually troubled mortgage subsidiary of government-owned Ally Financial Inc., has filed for bankruptcy protection. The filing early Monday will separate the money-losing operations of Residential Capital ...

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Ally's mortgage unit files for bankruptcy - CNN Money

05/14/12

NEW YORK (CNNMoney) -- Ally Financial's ResCap mortgage unit filed for a prepackaged bankruptcy protection Monday, a move that the taxpayer-owned bank says will allow it to take another step to repay Treasury. The ResCap unit, which operates ...

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2nd UPDATE: Ally Financial: Rescap Mortgage Subsidiaries File Chapter 11 - NASDAQ

05/14/12

ResCap expects to close the sale at the end of the year, Marano said. ResCap, once one of the country's largest subprime-mortgage lenders, has been the subject of bankruptcy speculation on and off for several years. Fortress considered buying ...

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Ally Financial's ResCap mortgage unit files for bankruptcy - USA Today

05/14/12

NEW YORK (AP) – Ally Financial's mortgage division, known as ResCap, is seeking Chapter 11 bankruptcy protection. Ally, still owned by the government, had been weighing a bankruptcy filing for Residential Capital for some time, as the division ...

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ResCap mortgage unit seeks bankruptcy protection - CBS News

05/14/12

The government-owned lender had been weighing a bankruptcy filing for Residential Capital LLC for some time, as the division has been burdened by old, souring loans. Ally, which was formerly the financing arm of General Motors Co., says it is ...

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