The mortgage unit of the former GMAC (now Ally Bank) is likely to seek bankruptcy protection now that the US Treasury has signed off on pulling the plug on the lender. The Treasury is still awaiting final terms before a final olay.
$12 bln in bailout funds remains to be repaid by Ally…
That’s a lot of money, but a drop in the bucket in the scheme of the US bank bailouts, so a bankruptcy won’t likely impact markets.
