Ally Hopes To End Mortgage Woes With Rescap Bankruptcy

From Reuters

Ally Financial Inc's mortgage unit on Monday filed for bankruptcy and the auto lender said it will sell some international operations to help set it on a path to repaying $12 billion in bailout money

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Glad to see they are only planning to sell international operations and not U.S. operations like Ally Bank.

Ally Bank's Blog, Straight Talk, has a blog post today on the ResCap bankruptcy. According to Ally, the bankruptcy won't have any effect on Ally Bank:

Today, Residential Capital, LLC (ResCap) filed for Chapter 11 protection with the U.S. Bankruptcy Court. ResCap is a separate mortgage subsidiary of our parent company, Ally Financial. We want to reassure our customers that this action does not have any impact on Ally Bank customer accounts or the terms and conditions of Ally accounts. Ally Bank operations will continue to be conducted, uninterrupted, and unaffected by the result of ResCap’s actions.