Reuters: Bankruptcy News: Ally hopes to end mortgage woes with ResCap bankruptcy

Reuters: Bankruptcy News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Ally hopes to end mortgage woes with ResCap bankruptcy May 14th 2012, 11:45 NEW YORK | Mon May 14, 2012 7:45am EDT NEW YORK May 14 (Reuters) - Ally Financial's mortgage unit on Monday filed for bankruptcy and the auto lender said it will sell some international operations to help it get on a path to repaying $12 billion in bailout money. Ally's mortgage unit, called Residential Capital, or ResCap, filed for bankruptcy protection in federal court in Manhattan under a plan that has the support of some of its creditors, although it is still expected to be a drawn-out and litigious process.

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