Ally Financial

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Ally, former GM finance arm, files for IPO

Ally Financial filed Thursday for an initial public offering that will allow the U.S. government to sell down its majority stake in the bailed-out auto and mortgage lender. Get the full story »

GM to sell preferred shares of Ally for $1B

General Motors Co. says it will sell all of its shares of a certain type in Ally Financial Inc., its former finance arm, for $1 billion. The shares to be sold represent all of Ally’s Series A preferred stock outstanding, the automaker said Tuesday. Get the full story »

Banks plan to hike dividends after stress tests

JPMorgan Chase & Co, Wells Fargo & Co. and other major U.S. banks plan to boost their dividend payments after passing stress tests evaluated by the Federal Reserve.

The share buybacks signal that regulators view banks as being healthy enough to withstand the remaining uncertainties in the economy, after the banking system has been profitable for a year. Get the full story »

Ally reportedly picks IPO underwriters

Ally Financial, the former General Motors finance arm that was bailed out by U.S. taxpayers, has selected four investment banks to handle an initial public stock offering.

People familiar with the plans say the stock sale will be led by Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley. The people spoke Friday on condition of anonymity because they were not authorized to speak publicly about the plans. Get the full story »

Ally Financial posts 4th-straight quarterly profit

Ally Financial Inc, the auto and mortgage lender majority-owned by the U.S. government, posted its fourth consecutive quarterly profit as it prepares for an initial public offering this year. Get the full story »

BofA in ‘hand-to-hand combat’ over mortgages

A quick settlement of the 50-state probe of the U.S. mortgage foreclosure crisis would be the best solution for all involved, the chief executive of Bank of America said on Tuesday.

The call for a settlement by Bank of America CEO Brian Moynihan was followed by comments from Iowa Attorney General Tom Miller, who told a Senate hearing that a settlement with lenders was still months off.

“We’re thinking in terms of months rather than a year or longer but it depends really on how far we get,” said Miller, who is heading up a probe by all 50 state attorneys general. Get the full story »

Foreclosures up in Illinois, bucking U.S. decline

A sharp uptick in initial foreclosure filings in Illinois meant the state did not follow the pattern of the nation as a whole, which saw a 4 percent decrease in foreclosure filings in October.

The number of homes that received an initial notice of default in Illinois, the first step in the foreclosure process, rose 24 percent in October, to 8,388 Illinois homes, from 6,780 in September. Altogether, the number of all types of foreclosure filings in Illinois totaled 16,969 last month, an increase of almost 7 percent from September but down almost 15 percent from a year ago. Get the full story »

Illinois officials expose four mortgage companies

Illinois regulators have “outed” four mortgage servicers that it said did not respond to requests for information on their foreclosure procedures. Get the full story »

How foreclosure freeze could undermine housing

Karl Case, the co-creator of a widely watched housing market index, was upbeat three weeks ago. Mulling the economy while at a meeting at a resort near the Berkshires, Case thought the makings of a recovery were finally falling into place.

Today, Case’s mood is far more subdued. In scarcely two weeks, he and other housing analysts have watched as the once-staid world of back-office bank procedures has spawned a scandal that threatens to further unhinge the housing market. Get the full story »

BofA foreclosure halt draws calls for more

U.S. lawmakers pushed for the country’s largest mortgage lenders to suspend foreclosures in all 50 states after Bank of America Corp announced on Friday it would temporarily halt evictions nationwide.

BofA, the largest U.S. mortgage servicer, is the first U.S. bank to institute a nationwide freeze on foreclosures, expanding on a 23-state suspension announced last week while it conducts a review of its procedures. Get the full story »

Bank of America halts foreclosures in all 50 states

A Bank of America branch in Charlotte, N.C. (AP)

Bank of America Corp. is placing a moratorium on all foreclosure proceedings and sales across the U.S. due to mounting political pressure on large U.S. banks to examine foreclosure-documentation problems.

The nation’s largest bank by assets is the first financial institution to stop all foreclosure actions due to revelations that the banking industry had used “robo-signers” — people who sign hundreds of documents a day without reviewing their contents — when foreclosing on homes. Bank of America, J.P. Morgan Chase & Co. and Ally Financial Inc. last week postponed foreclosures in 23 states where a court’s approval is required to foreclose on a home. Get the full story »

BofA suspends foreclosures, states eye Chase

Amid growing public anger over U.S. home seizures, Bank of America Corp has suspended some of its foreclosures and JPMorgan Chase & Co has come under investigation in California and Connecticut. Get the full story »

Judge: GMAC showed ‘bad faith’ in foreclosure

GMAC Mortgage was sanctioned by a Maine state court judge, who concluded that an affidavit filed by a company official to support a mortgage foreclosure was submitted “in bad faith.”

The ruling came in a case that last month revealed that GMAC, now part of Ally Financial Inc, had been filing affidavits falsely attesting that officials had reviewed mortgage documents and that they justified foreclosure. Get the full story »

Regulators tell Ally Financial to freeze foreclosures

The Illinois Department of Financial and Professional Regulation has asked Ally Financial to freeze all foreclosures and not initiate any new ones against Illinois homeowners until an investigation of its foreclosure practices is complete.

According to the state, more than 100,000 Illinois homeowners have mortgages that are serviced by the company, including 78,500 first mortgages.

An Ally employee testified in a Florida court case that he signed at least 10,000 affidavits a month to process foreclosures without reviewing the underlying paperwork and that those documents were then filed with the court as evidence of Ally’s rights to foreclose on the homes. Get the full story »

Illinois AG calls out Ally on foreclosures

The Illinois Attorney General’s office said Friday that it was “demanding” a meeting with Ally Financial, commonly known as GMAC Mortgage, to determine how many Illinois homeowners may be involved in an investigation of the company’s foreclosure procedures and whether the state’s Consumer Fraud Act had been violated. Get the full story »