Ally (GMAC) files bankruptcy TARP - PowerStrokeNation : Ford Powerstroke Diesel Forum
 
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post #1 of 3 (permalink) Old 06-08-2012, 12:11 PM Thread Starter
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Ally (GMAC) files bankruptcy TARP

Former GMAC puts mortgage unit in bankruptcy

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Ally Financial, the former GMAC, which still owes taxpayers about $12 billion [of] $17.2 billion in loans it got as part of the General Motors and Chrysler bailouts, has nudged its home mortgage subsidiary into bankruptcy court to try end the drag of its toxic mortgage assets on Ally's profitable businesses, such as car loans and direct banking.
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The government still owns 74% of Ally, and it's repaid only $5.5 billion of $17.2 billion it got in the bailout so it could keep offering car dealer and buyer financing for GM and Chrysler. Ally received more than twice the taxpayer help as Chrysler.
Quote:
Ally estimated last month that it could lose between $400 million and $1.25 billion because of its exposure to ResCap's troubles, according to in a Securities and Exchange Commission filing.

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post #2 of 3 (permalink) Old 06-08-2012, 12:19 PM
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Re: Ally (GMAC) files bankruptcy TARP

but this will not get any media exposure, cause this looks bad for their savior! We can't have thaaaat (insert sarcasm).

The news is disgusting in so many ways. I have really enjoyed the past few evenings. I have been out in the field in an open station tractor (just a man and his thoughts).
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post #3 of 3 (permalink) Old 06-09-2012, 02:48 AM
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Re: Ally (GMAC) files bankruptcy TARP

TARP was a joke, we should have just taken our lumps and we would have reset the economy, businesses that should have failed and still will at sum point would have. We would have a booming economy right now instead of this jobless recovery we have now. All we did was spend a lot of money that my grandkids that I don't even have yet will have to pay back, along with an economy that won't recover for another 5-7 yrs, unless nimrod gets reelected, then it will be 20 yrs, if ever. JMO

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