Tag Archives: gmac

GM sells all of its Stock in Ally, formerly GMAC

GM’s plan is to put back in place a GMAC-like operation, dubbed GM Financial, with many of the companies coming from Ally, which was GMAC and went bankrupt at the onset of the Great Recession because of its reckless home lending practices. A controversial U.S. taxpayer-funded bailout ensued, one that has not been paid back. Continue reading

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Ally Financial Pays Treasury $5.9 Billion, 70% of Taxpayer Debt

As a result, Ally has repaid the U.S. taxpayers $12.3 billion of the $17.2 billion investment that was made in the company when its reckless lending practices in the home mortgage market forced it into bankruptcy. Continue reading

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Ally Financial Declares Dividends on Preferred Stock

The Ally Financial board of directors has declared quarterly dividend payments for outstanding preferred stock payable on 15 May 2013. Ally’s Fixed Rate Cumulative Mandatory Convertible Preferred Stock, Series F-2, will pay the U.S. Department of the Treasury $134 million, or $1.125 per share. Continue reading

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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

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Taxpayer Owned Ally Financial Earns $1.2 Billion in 2012

“Our focus remains on delivering strong results from our leading franchises, completing our strategic transformation, gaining additional efficiencies in the business and repaying the U.S. Treasury investment,” said Ally Chief Executive Officer Michael A. Carpenter. Continue reading

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Ally Financial Pays Off Last $4.5 Billion of Debt Issued Under TLGP

The U.S. Treasury, via taxpayers, currently holds about 74% of Ally common equity, and $5.9 billion in mandatory convertible preferred securities, which have a dividend rate of 9%, after a more than $17 billion bailout. Ally at the end of Q3 2012 had about $182 billion in assets, so it increasingly looks like taxpayers have a good chance at getting their money paid back, perhaps turning a profit. Continue reading

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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

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Ally Financial Declares Dividends on Preferred Stock

The Ally Financial board of directors has declared a quarterly dividend on outstanding preferred stock effective 15 November 2012. A payment of approximately $134 million, or $1.125 per share, will go to the U.S. Treasury, which has invested $17.2 billion in keeping Ally, formerly GMAC, in business as a bank holding company. Continue reading

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Ally, formerly Bankrupt GMAC, Files With SEC for IPO

Ally’s is one of the leading suppliers in the U.S. of wholesale dealer loans, and is the leading retail provider of vehicle finance. Ally’s taxpayer-financed bailout remains a vital aspect to the thus far successful reorganizations of General Motors and Chrysler. U.S. (and Canadian taxpayers) have large interests in those recovering automakers, as well. Continue reading

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General Motors Sells All of Its Ally Preferred for $1 Billion

General Motors Company (NYSE: GM) has sold of its preferred shares of Ally Financial Inc. for a total of $1.0 billion. Ally, formerly known as GMAC, is GM’s and Chryslers largest provider of automotive financing. Continue reading

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U.S. Treasury to Sell $2.7 Billion of Ally Preferred Securities

As part of this corporate welfare program, Treasury invested a total of $17.2 billion in a failing Ally. This was the result of what critics called reckless lending practices in the home mortgage markets, which caused huge Ally losses when the housing bubble burst in 2009. Continue reading

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Ally Financial Posts Net Income of $1.1 Billion in 2010

Ally Financial Inc. today reported net income of $79 million for the fourth quarter of 2010, compared to a net loss of $5.0 billion for the fourth quarter of 2009. For full-year 2010, Ally (formerly GMAC and now taxpayers own … Continue reading

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