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GM To Reunite With Ex? Automaker Could Buy Ally Pieces After ResCap Bankruptcy
Ally Financial put its mortgage unit into bankruptcy this week, in a move that could clear a path for part of the company previously known as GMAC to reunite with its former parent General Motors .
ResCap, the unit placed into bankruptcy Monday , has been an anchor on Ally Financial over the past several years due to the pileup of bad loans from the housing bubble. At the same time, Ally’s banking and auto lending operations have made a comeback, supporting the firm’s effort to ultimately repay bailout loans from the Treasury Department.
Source: Forbes