Seeking Alpha

Ally Financial takes another step towards an IPO as it agrees to pay $2.1B towards the...

Ally Financial takes another step towards an IPO as it agrees to pay $2.1B towards the settlement of the ResCap bankruptcy. The move, says Ally, essentially removes the threat it would have to pay billions more in private claims related to its subprime mortgage arm. It's also a victory for MBIA (MBI), whose share of the proceeds could be $600M, according to hedge funder Manal Mehta (he's long).
Comments (6)
  • thestockbroker
    , contributor
    Comments (366) | Send Message
     
    I'm holding well over $250k of their debt so an IPO would do wonders for the bond prices all pegged just near par, this would add 2-3 pts. to each issue.
    23 May 2013, 12:17 PM Reply Like
  • J Mintzmyer
    , contributor
    Comments (3632) | Send Message
     
    Ally=GMAC right?
    23 May 2013, 01:04 PM Reply Like
  • bankingqueen
    , contributor
    Comments (135) | Send Message
     
    Yes
    23 May 2013, 01:04 PM Reply Like
  • Michael Bryant
    , contributor
    Comments (5420) | Send Message
     
    Are they the bank paying 12% interest on saving accounts?
    23 May 2013, 08:39 PM Reply Like
  • thestockbroker
    , contributor
    Comments (366) | Send Message
     
    what?
    23 May 2013, 11:14 PM Reply Like
  • The Long Tail of Finance
    , contributor
    Comments (700) | Send Message
     
    Ally savings accounts are FDIC insured, so who cares what they pay? 12%? I'll take it!
    9 Jun 2013, 01:42 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio:

|