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Ally Bank's Parent, GMAC Financial, Posts Quarterly Loss

Thursday, February 4, 2010 - 2:10 PMAlly Bank - Details
WSJ reports:
GMAC Financial Services swung to a fourth-quarter loss after a huge prior-year gain from its bond exchange as mortgage operations reported a wider loss.
The article didn't mention anything about Ally, so I took a look at GMAC's press release. Ally's deposits are up:
Ally Bank and ResMor Trust deposits increased 56 percent during 2009 to $31.1 billion
Note, ResMore is GMAC's Canadian bank. The press release also states that one of their key strategic objectives is to build the deposit base at Ally Bank. So hopefully, they'll keep rates very competitive. We just have to hope the FDIC doesn't get in the way.
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
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