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Tag Archives: taxpayer bailouts
Taxpayer Held Ally Bank to Sell Mortgage Servicing Rights
Ally Financial, the owner of Ally bank and formerly known as GMAC, became insolvent because of its reckless home mortgage lending practices, resulting in a controversial taxpayer subsidized bailout after the housing bubble peaked in 2006 and subsequently burst. Ally is in the process of shedding all liability from what’s left of its mortgage business as it reorganizes as a bank holding company providing consumer banking and auto financing. Continue reading
Posted in auto news, financial results, news
Tagged ally financial, auto informed, autoinformed.com, automotive news, gmac, Ken Zino, taxpayer bailouts
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Ally Financial to Sell Mexican Insurance Business
Ally Financial today announced that it has reached an agreement to sell its Mexican insurance business, ABA Seguros, to the ACE Group, one of the world’s largest multi-line property and casualty insurers. ABA Seguros is the fourth largest insurer in the Mexican auto insurance market, and the transaction has a purchase price of $865 million in cash.
The latest move to fix the balance sheet of the former finance arm of General Motors comes a week after the announcement that Ally will make a payment of approximately $134 million, or $1.125 per share, to the U.S. Treasury next month. U.S. taxpayers have invested $17.2 billion in keeping Ally in business as a bank holding company after improvident home mortgages made it bankrupt under the Bush market crash. Continue reading
U.S. Treasury Appoints Well-Known Ex Auto Finance Execs Gerald Greenwald and Henry Miller to Ally Board of Directors
Ally Financial said today that Gerald Greenwald and Henry S. Miller have been elected to its board of directors joining nine others. The U.S. Treasury directed appointments – it holds a majority interest in Ally- of the two well-known former auto executives, as well as the re-election of the current members of the board, occurred earlier at a meeting of Ally’s stockholders. Ally reported a net loss of $898 million for the second quarter of 2012, because of the bankruptcy of its home mortgage subsidiary, ResCap. Continue reading
Posted in auto news, news, people
Tagged ally, auto informed, autoinformed.com, automotive news, Ken Zino, rescap, taxpayer bailouts
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Treasury To Sell More AIG Stock. Taxpayers Still Owed $24 Billion and Hold 53% from Controversial Bailout of Reckless Company
Today, the U.S. Department of the Treasury announced that it expects to receive an additional $750 million from its public offering of American International Group (AIG) common stock. The Wall Street underwriters have exercised their so-called over-allotment option to purchase another 24.6 million additional shares of AIG common stock at the public offering price of $30.50 per share. Continue reading
Treasury Makes $245 Million in Added Profits from TARP
TARP’s bank programs have already earned a significant profit for taxpayers. Including the expected proceeds from today’s transaction, Treasury has now recovered $264 billion from TARP’s bank programs through repayments, dividends, interest, and other income – compared to the $245 billion initially invested. Continue reading