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..., Wells Fargo, Citi and GMAC) on the other....
...The successful auction follows the sale of ResCap’s mortgage servicing business to Ocwen Financial for $3bn on Wednesday after it won a bidding war with Nationstar Mortgage....
...Ally itself is majority-owned by the US Treasury and used to be known as GMAC, the financing arm of General Motors....
...Full-speed progress on asset sales is one thing, but plans involving Ally’s bankrupt mortgage unit, Residential Capital, are on trickier ground....
...The former financing arm of General Motors, which used to be called GMAC, Ally had to pull a previous IPO because of fears about its liabilities for failed mortgages....
...Berkshire also sought to displace Nationstar, a mortgage company backed by Fortress Investment Group, as the stalking horse bidder for the mortgage business....
...The Berkshire bids are the latest twist in a battle between Ally, which was the financing arm of GM and went by the name GMAC before the $17.1bn government bailout, and Mr Buffett’s company....
...Ally Financial used to be known as GMAC, the financing arm of General Motors....
...Ally, 74 per cent owned by the US Treasury, used to be known as GMAC, the financing arm of General Motors....
...The government bailed out Ally, formerly known as GMAC, as part of its 2009 rescue of the ailing US car industry....
...BlackRock, Fortress Investment and Centerbridge Partners have expressed an interest in buying Residential Capital, the mortgage arm of finance company GMAC, from the US government, according to people familiar...
...Ally, formerly known as GMAC, is not raising any funds in the offering of the five-year “Trups” which carry a coupon of 8.125 per cent....
...US hedge fund and buy-out groups BlackRock, Fortress Investment and Centerbridge Partners have expressed interest in buying Residential Capital, the mortgage arm of finance company GMAC, from the US government...
...News of the carve-out from GMAC comes as the group continues to seek a buyer for ResCap, its mortgage lending arm, at a sufficient price....
...Other regulators, including the Department of Justice, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation are examining the foreclosure issue....
...Four US financials — Bank of America, JP Morgan Chase, GMac/Ally, PNC — have halted foreclosures in all or some US states while they sort out technical deficiencies in their paperwork process....
...Ally Financial, the financing company formerly known as GMAC that was rescued by the US government, reported its second consecutive quarterly profit on Tuesday, driven by a recovery in car and home loans...
...GMAC is left with about $18bn of US mortgage assets that it is looking to unload....
...GMAC ran into trouble with an ill-advised expansion into high-risk mortgage loans during the housing boom, and was forced to accept $17bn of taxpayer bail-out funds through the troubled asset relief programme...
...GMAC, the consumer lender majority owned by the US government, on Monday agreed to sell its $12bn European mortgage business to Fortress Investment Group....
...The company has also been on a buying spree in Europe, where it bought GMAC’s residential mortgages arm, and in Japan. It also intends to buy more hedge funds....
...Although car sales have improved in recent weeks, GMAC’s problems in the mortgage division are far from over....
...Michael Carpenter, GMAC chief executive, testified that the mortgage lender was a “millstone” round the company’s neck....
...GMAC has been selling divisions as it focuses on its core automotive lending business, after losses in its residential mortgage division, called ResCap, forced the company to seek $17bn from taxpayers last...
...These actions will also allow GMAC to pursue strategic alternatives for ResCap and the mortgage business....
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