Reuters: Bankruptcy News: Ally Financial reports loss on bankruptcy-related charge

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Ally Financial reports loss on bankruptcy-related charge Aug 1st 2012, 12:11 Wed Aug 1, 2012 8:11am EDT Aug 1 (Reuters) - Ally Financial Inc, the auto lender 74 percent owned by U.S. taxpayers, on Wednesday reported a second-quarter loss as it took a $1.2 billion charge related to the bankruptcy filing by its mortgage subsidiary. The Detroit-based lender said it lost $898 million after taking the previously disclosed charge, compared with a $113 million profit a year before. Ally, previously known as GMAC Financial, was once the auto lending arm of what is now General Motors Co. Its Residential Capital mortgage unit filed for Chapter 11 bankruptcy court protection on May 14 in a move that aims to protect the parent company from mortgage liabilities as it seeks to repay government bailouts.

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