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Ally Financial to Pay $2.1 Billion in Settlement With ResCap, Creditors

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 week that could move the Detroit-based lender closer to repaying its government bailout.The amount is $1.35 billion more than what Ally previously offered to pay to fend off ResCap creditors trying to hold the government-owned lender responsible for billions of dollars of the mortgage subsidiary's liabilities.But the deal would give Ally a legal release from nearly all of those issues, which have cast a shadow over the company's efforts to repay the $17.2 billion government bailout it received during the financial crisis and focus on its core auto-lending and online-banking businesses."If I look through the lens of 'Did we do anything wrong for which we should pay money,' the answer for this is we hugely overpaid," Ally Chief Executive Michael Carpenter said in an interview Thursday, referring to the settlement. "If I look th...

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  2. Ally to pay $2.1 billion to settle claims tied to ResCap

    Ally Financial Inc agreed on Thursday to pay $2.1 billion to settle legal claims tied to its bankrupt Residential Capital LLC unit, nearly triple the amount it initi...

  3. Ally Financial in $2.1 Billion Settlement With ResCap, Creditors

    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...

  4. Ally to pay $2.1 billion to settle ResCap litigation

    Ally Financial Inc agreed to pay $2.1 billion to Residential Capital LLC to settle claims that it stripped the bankrupt mortgage subsidiary of choice assets.The deal...

  5. Ally in $2.1 Billion Settlement with ResCap, Creditors

    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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