Hints and tips:
..., Wells Fargo, Citi and GMAC) on the other....
...Tom Marano: Global head of mortgages and asset-backed securities at Bear. Various roles at GMAC/Ally Financial from 2009 to 2013, after a year at Cerberus. Then ran a ski-resorts company....
...Meron Myers, a 24-year-old Bank of America mortgage officer, was hard at work in Washington DC one afternoon last year when she received an unexpected phone call....
...Ally, which was previously known as GMAC, had faced several setbacks in its goal of leaving government ownership....
...regarded as risk-free under Basel III and carries a zero risk weight in the calculation of risk-weighted assets; j) the ability of unsupervised “shadow-banking” actors such as AIG Financial Products or GMAC...
...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....
...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....
...Full-speed progress on asset sales is one thing, but plans involving Ally’s bankrupt mortgage unit, Residential Capital, are on trickier ground....
...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....
...This was expected but it’s still a potentially damaging blow to Bank of America, Wells Fargo, JP Morgan Chase, Citi, and GMAC, and to a housing recovery that is yet to even begin....
...In the largest case so far, GMAC was fined £2.8m and ordered to pay £7.7m in redress....
...Ally Financial, the US home and car loan company, is set to shelve its IPO plans because of weak market conditions and impending fines due to its mortgage foreclosure practices....
...The FSA is also assessing four other lenders – GMAC-RFC, Kensington Mortgages and Redstone Mortgages – in this area....
...mortgage note – FT Alphaville Those blemished Countrywide credit loans – FT Alphaville...
...BofA’s agreement follows similar settlements by Ally Financial, formerly known as GMAC, and JPMorgan Chase’s Washington Mutual unit....
...The government bailed out Ally, formerly known as GMAC, as part of its 2009 rescue of the ailing US car industry....
...Ally Financial said its GMAC mortgage unit had suspended evictions and sales of foreclosed residential properties in 23 US states while it conducted an internal review of its procedures, a rare move that...
...The bank, along with other lenders, such as Bank of America, GMAC and Litton Loan Servicing – which is owned by Goldman Sachs – temporarily suspended foreclosures in October after finding that employees...
...Bank of America, JPMorgan and Ally’s GMAC Mortgage had all imposed moratoriums on foreclosures to review their practices and have now resumed evictions....
...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...
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