Reorganizations

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 ...

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 ...

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 repaying the ...

NEW YORK — Ally Financial Inc.’s mortgage division known as ResCap is seeking Chapter 11 bankruptcy protection. The government-owned lender had been weighing a bankruptcy filing for Residential Capital LLC for some time, as the division has been ...

"While it is unfortunate that a Chapter 11 filing became necessary for ResCap, we believe that this action puts taxpayers in a stronger position to continue recovering their investment in Ally Financial," Treasury Assistant Secretary Timothy Massad said in a statement.