Ally (GMAC) Puts Mortgage Unit Into Bankruptcy

Ally Financial says its Residential Capital mortgage unit seeks Ch.11 bankruptcy protection

DETROIT — The U.S. government is hoping that Monday’s bankruptcy filing by Ally Financial Inc.’s troubled mortgage business will help the company repay its government bailout faster.

Residential Capital LLC, or ResCap, filed for Chapter 11 bankruptcy protection in New York, unable to make payments on debt taken out to finance soured home mortgages. The filing will separate the money-losing ResCap subsidiary from Ally’s auto loan and banking businesses, allowing the latter businesses to grow and speed up repayment of Ally’s bailout from 2008 and 2009, Ally said in a statement.

Ally also said Monday that it is exploring the possible sale of its international operations, a move that also should help strengthen its finances and make payments to the government. International businesses include auto loan, insurance and banking operations in Canada, Mexico, Europe, England and South America.

Ally, which is 74 percent owned by the U.S. government, was the financial arm of General Motors Co. until the banking industry meltdown in 2008. It needed a $17.2 billion bailout to survive the downturn.

Rest here…

Ally Bank “Truck”

Ally Bank “Bike”

Ally Bank “Pony”

Ally Bank “Hide”

Just like the typical smear campaign… Attempt to make others look bad and shift the blame because your practices are even worse…

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4closureFraud.org

Comments
11 Responses to “Ally (GMAC) Puts Mortgage Unit Into Bankruptcy”
  1. Raymond Surprenant says:

    I’m working with GMAC on trying to do a loan modification and it’s been a nightmare! I already have a foreclosure sale date and I’m not sure my case will be resolved by then. Does this have any effect on either my modification or the foreclosure?

    • Pamela Edwards says:

      Be very careful GMAC runs foreclosure parallel to modif.that way when they deny your mod.foreclosure is already a done deal.You can’t trust these people.When they put my house in foreclosure and I called to put off sale after denying me three times on mod.they said they still had a mod. in affect for me.Really?Why did they foreclose then?

  2. Attorney Wendy Alison Nora says:

    I have thoroughly reviewed and contemplated the GMAC Mortgage Fraud Group’s bankruptcy filed on May 14, 2012. The bankruptcy court has, thus far, entered whatever orders the GMAC Mortgage Fraud Group has requested without notice–selling and newly encumbering all assets–yet moving to lift the automatic stay so that they can continue foreclosing and letting homeowners counterclaim against an estate which will have NOTHING with which to pay. I have hired local counsel and will be filing objections to the rigged-bid sales and the preferential transfers.
    ANYONE WHOSE HOME WAS STOLEN BY GMAC-RELATED ENTITIES FRAUD PLEASE SEND ME YOUR CONTACT INFORMATION AT accesslegalservices.info@gmail.com WITH A SHORT STATEMENT OF YOUR FACTS. I CANNOT PROMISE THAT WE WILL GAIN ANYTHING BUT I MIGHT BE ABLE TO PUT SOMETHING TOGETHER FOR EACH OF US TO CONTRIBUTE A SMALL SUM FINANCIALLY TO RAISE OUR OBJECTIONS TO THIS — USE OF THE BANKRUPTCY COURT TO SELL OFF ASSETS WITHOUT SCHEDULES OF ASSETS OR LIABILITIES YET BEING FILED WITH THE COURT.

  3. Mitzy says:

    I asked GMAC/Ally to help us with a modification and they said we do not qualify, now they will ask the government for more money, I am disgusting by this banks.

  4. Pamela Edwards says:

    It was such a pleasure losing my home to GMAC especially because they had nothing to do with my loan.It was especially nice when the foreclosure took place when I was 3 months out of a heart attack caused by all this stress.rSo all Ihave to say is this is friggen amazing news and it could’nt happen to a nicer group of people.I hope that some of what was visited on me is visited on them.Maybe they will understand having medical problems and losing a job and your home is just the way these things are done today.

  5. Ron Moss says:

    GMAC and Ally was identified by Ron Paul as a Mafia gang of theives. Why do we not elect hin=m and throw them in Prison?

  6. MeeshaLin says:

    Does this mean Ally (GMAC) are filing bankruptcy so they can start fresh and not owe everyone they wronged before the date they file for bankruptcy? Thank you in advance to whomever answers this for me. I appreciate it,
    Signed,
    GMAC sucks

  7. readdocs says:

    Quit bailing out failed efforts. Once again we go down the same road of incompetence,
    and then we’re told as taxpayers we have to be “fair” and bail out these failed entities.
    Life is not fair, no matter the man made efforts of leveling the playing field which leaves us
    all impoverished.

  8. Bobbi Swann says:

    hahahahahahahahahahaha! I hope the whole lot and barrel go belly up!

  9. To Tell The Truth says:

    What jargon! Say it like it is…GMAC is doing it again…

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