Ally says its mortgage unit is close to bankruptcy
Ally says its mortgage unit is close to bankruptcy Washington- Ally Financial Inc. says it is "actively considering" putting its troubled mortgage lending operation into bankruptcy - a move that could cost it $1.25 billion and come by mid-month.The Detroit-based bank holding company is the world's largest new car lender and financed 1.5 million vehicles worldwide last year.
It is 74 percent owned by the Treasury Department as part of $17.2 billion in government bailouts.
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