Interesting and scathing Op-Ed piece
from Al Lewis of MarketWatch:
Ally has come up with a plan to launder its bad mortgages and related liabilities by taking a subsidiary through the bankruptcy cycle. This is a novel way for a commercial bank to shed bad loans, but I suppose Ally has to do something after failing a financial “stress test” from the Fed in March. Read more
If only I could restructure my finances the way Marano is restructuring his.
If you're wondering how this may impact Ally Bank, please refer to my post Ally Financial Mortgage Unit's Bankruptcy and Its Impact to Ally Bank