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Fitch Ratings removed Ally Financial Inc. from a negative ratings watch after the government-owned auto lender reached a deal with its Residential Capital mortgage subsidiary and the unit's creditors that will help the company avoid litigation.The ratings firm on Friday also said it affirmed Ally's long-term rating of BB- and said the company's outlook is stable.Ally said Thursday it would pay $2.1 billion as part of a global settlement with ResCap and ResCap's creditors in exchange for a release from nearly all of the mortgage subsidiary's legal liabilities.The settlement is intended to fend off creditors, including American International Group Inc. (AIG), MBIA Inc. (MBI) and Paulson & Co., who says Ally is responsible for an estimated $25 billion of ResCap liabilities because it fully controlled the unit prior to its Chapter 11 bankruptcy filing last year.Ally's payment is nearly three times higher than an original offer of $750 million, which ResCap creditors balked at. The company ...
Standard & Poor's Ratings Services placed its ratings on Ally Financial Inc. on watch for a possible upgrade, after the government-controlled auto lender entered int...
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An independent examiner investigating Residential Capital LLC's relationship with parent Ally Financial Inc. will release his report Monday afternoon, a lawyer for t...
An independent examiner investigating Residential Capital LLC's relationship with parent Ally Financial Inc. will release his report Monday afternoon, a lawyer for t...
Federal Reserve Chairman Ben Bernanke minced no words Friday on the issue of "too-big-to-fail" banks, saying financial institutions large enough to threaten global e...
Last month, New York Attorney General Eric Schneiderman withdrew claims for up to $6 billion in damages against former AIG <AIG.N> chief Hank Greenberg. Now, another...
Last month, New York Attorney General Eric Schneiderman withdrew claims for up to $6 billion in damages against former AIG chief Hank Greenberg. Now, another big cas...
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American International Group Inc. (AIG) has the right to sue Bank of America Corp. (BAC) over about $10 billion in mortgage-investment losses, a California federal c...
Ally Financial Inc. said Thursday it will pay $2.1 billion to its mortgage subsidiary Residential Capital and the unit's creditors under an agreement reached last we...
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Ally Financial Inc. said Thursday it will pay $2.1 billion to its mortgage subsidiary Residential Capital and the unit's creditors under an agreement reached last we...
Ally Financial Inc. said Thursday it will pay $2.1 billion to its mortgage subsidiary Residential Capital and the unit's creditors under an agreement reached last we...
American International Group Inc's board is looking for a new director with regulatory experience, as the insurer readies for the government to classify it as big en...
J.P. Morgan Chase & Co.'s (JPM) James Dimon seemed likely Tuesday to survive a challenge to his grip on the posts of chairman and chief executive, according to a per...
