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Ally Loss Widens in the Second Quarter


Ally Financial said that its loss in the second quarter widened due to higher provisions for soured vehicle loans and mortgage settlement. Net loss during the second quarter jumped to $927 million, compared with $898 million in 2012, including the $1.6 billion payment for the settlement with creditors regarding the bankrupt mortgage unit, according to Residential Capital LLC. The core pretax ...
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More Ally Financial articles

Ally Plans to Raise $1B to Pass US Stress Tests
Ally Financial might raise around $1 billion in stock to be able to pass the Federal Reserve's annual stress test, according to anonymous sources. The auto-lender majority owned by U.S. taxpayers, ...
ResCap Gets Initial Approval for $2.1B Agreement With Ally Financial
Residential Capital got approval for a $2.1-billion deal with parent Ally Financial, which will help the company come up with a plan to repay creditors. U.S. Bankruptcy Judge Martin Glenn, from ...
Ally Financial Pays ResCap $2.1B to Avoid Lawsuits
Ally Financial will pay $2.1 billion to the ResCap bankruptcy estate to avoid lawsuits. "Putting these issues behind us is in the best interest of our shareholders, employees and customers," Ally ...
GM Rolls Out F&I Products With Vehicle Brand Names
Beginning this month GM will roll out its F&I products, firstly though its dealerships in Ohio and then expanding nationwide by the end of this year. Steve Hill, vice president of ...
Opel Hopes to Boost Sales Through Opel Financial Services
Opel expects to boost sales relying on cheaper leasing deals and loans after it has taken back in-house the German banking license. In April, GM Financial Company launched the new 'Opel ...
Ally Financial Reports $1.1 Billion Net Income for Q1
Ally Financial reported first quarter net income up by almost $800 million to $1.1 billion on one-time gain. Ally Financial announced that its core pre-tax loss reached $6 million during the ...
Ally Financial Sold its Latin America and Europe Operations to GM Financial
Ally Financial announced it has almost completed the sales of its assets in Latin America and Europe to GM Financial for $2.6 billion. "Completion of this transaction marks another step in ...
Ally Sells the Rest of Mortgage Servicing Rights to Quicken Loans
Ally Financial will sell to Quicken Loans the rest of the agency mortgage servicing rights for almost $280 million. On January 31st, the loans had an unpaid principal balance of almost ...
Ally Financial Will Not Survive a Severe Recession in the US
According to the Federal Reserve, Ally Financial will not be able to survive a severe recession in the US. Ally Financial, which is still majority-owned by the government after the 2009 ...

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