The stake is worth about $900M , reports the WSJ , and will be unloaded in a private placement. Ally Financial was General Motors' ( GM +2.5% ) pre-crash lending arm - GMAC back in the day - and the automaker now has GM Financial. Post your comment!
the deal is completed next year. We like the deal even though GM is reacquiring assets that old GM used to own when Ally was GMAC . GM Financial is still a much smaller captive finance arm relative to the captives at other large automakers so this deal quickly
Before the government-led bailout and bankruptcy, General Motors owned GMAC Financial, which has since become Ally Financial. In 2006, GM sold a 51% stake in GMAC to Cerberus Capital Management as GM was trying to improve its financial situation
NEW YORK/CHARLOTTE, N.C., May 7 (Reuters) - In the fall of 2009, the board of GMAC , one of the largest U.S. auto and home-loan companies, gathered in New York to discuss whether to put its troubled...
Motors encompassed two related entities: GMAC and Rescap. To encourage participation ..... of 70% participation. In the case of GMAC the debtors received 62% and in Rescap ..... target level, the government did not put GMAC into bankruptcy. Rather than face the
customers with an onslaught of advertising promoting “no change fee” and “bags fly free” policies. And in 2009, GMAC rebranded its banking unit as Ally Bank, and followed up by heavily marketing itself as the “anti-bank” with a “no
* Options: buy or build finance unit, strike new Ally deal
pay Fannie Mae (FNMA.OB) $462M in lieu of having to repurchase poorly underwritten mortgages. In the days when Ally was GMAC , it sold $292B of loans to Fannie. Ally had reached a smaller settlement with Freddie Mac (FMCC.OB) in March. The agreement
hearing will be attended by representatives from Bank of America (BAC), JPMorgan (JPM), Citigroup (C), Ally Financial's GMAC mortgage unit, Wells Fargo (WFC) and OneWest Bank. New Jersey is the first state to take action against improper foreclosures
cost to taxpayers is likely to total even less than the current $25B estimate. Geithner also said Ally Financial, the former GMAC , will sell shares to the public sooner than expected. Tax bill goes to the White House. The House of Representatives voted