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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. TARP Cost Will Be $21 Billion, CBO Estimates

    The Congressional Budget Office estimated Thursday the total cost of the Troubled Asset Relief Program, including mortgage grants that haven't yet been made, will be...

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