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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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  1. ResCap Examiner's Report Set for Release on Monday

    An independent examiner investigating Residential Capital LLC's relationship with parent Ally Financial Inc. will release his report Monday afternoon, a lawyer for t...

  2. ResCap CEO Marano to Resign; No Successor Named

    The head of Ally Financial Inc.'s subprime mortgage subsidiary Residential Capital has stepped down as chief executive of the unit but plans to remain an outside dir...

  3. Creditors Committee Supports Giving ResCap More Time to File Bankruptcy Plan

    Creditors of Residential Capital LLC say they support giving the subprime-mortgage lender more time to control its bankruptcy case, citing progress toward a potentia...

  4. Ally Financial's Sights Set on Treasury Repayment as ResCap Fight Intensifies

    Ally Financial Inc. said it remains focused on repaying the U.S. Treasury Department, its largest owner, this year after the Federal Reserve dealt it a setback in Ma...

  5. Ally Focused on Repaying Treasury

    Ally Financial Inc. said it remains focused on repaying the U.S. Treasury Department, its largest owner, this year after the Federal Reserve dealt it a setback in Ma...

  6. Ally Again Says It Isn't Responsible for ResCap's Bankruptcy

    Ally Financial Inc. says Residential Capital LLC's creditors "cannot come close" to proving that Ally is responsible for the liabilities in ResCap's bankruptcy case....

  7. Ally Financial Profit Surges on Gain

    Ally Financial Inc.'s first-quarter profit surged as the government-controlled auto lender reported a $900 million gain on the sale of its Canadian operations, while...

  8. Ally Financial 1st-Quarter Profit Surges on Gain; Core Income Also Climbs

    Ally Financial Inc.'s first-quarter profit surged as the government-controlled auto lender reported a $900 million gain on the sale of its Canadian operations, while...

  9. Wilmington Trust Seeks Standing To Sue Ally Financial Over ResCap Claims

    One of Residential Capital LLC's largest unsecured creditors is seeking court approval to sue the mortgage firm's parent, Ally Financial Inc., increasing pressure on...

  10. Quicken Loans to Buy $34 Billion Servicing Portfolio From Ally Financial

    Quicken Loans Inc., the online home lender, is buying a $34 billion mortgage-servicing portfolio from government-owned Ally Financial Inc. for about $280 million.The...

  11. Ally Reduces Credit Facilities for Auto Loans to $11 Billion

    Ally Financial Inc., the government-owned auto lender, has renewed $11 billion in secured financing used to fund consumer loans and leases as well as inventory finan...

  12. Fed Sends Ally Financial Back to the Drawing Board

    Ally Financial Inc. will have to go back to the drawing board as it works to get out from government ownership.The Federal Reserve on Thursday rejected the auto lend...

  1. 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...

  2. 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...

  3. 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...

  4. Berkshire Seeks ResCap, Ally Financial Report

    Berkshire Hathaway Inc. (BRKA) wants an independent examiner's report on dealings between mortgage company Residential Capital LLC and its government-owned parent Al...

  5. ResCap Bankruptcy Report Could Remain Sealed Until July 3

    An independent examiner's report that could sway settlement negotiations in the bankruptcy of mortgage lender Residential Capital LLC may remain under seal until Jul...

  6. ResCap Bankruptcy Report May Be Filed Under Seal

    Attorneys involved in Residential Capital LLC's bankruptcy plan to ask the court's permission on Monday to allow an independent examiner's report detailing the mortg...

  7. Negotiations Push Release of ResCap Examiner's Report to Monday

    An independent examiner investigating Residential Capital LLC's relationship with parent Ally Financial Inc. will release his report Monday afternoon, a lawyer for t...

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