Ally Financial Ready to Fight AGs? Is the Announced Foreclosure Settlement Done or Not?

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In today's Housing Wire, there's news that a deal has been reached in the Big Bank - AG Settlement of ForeclosureGate issues and the numbers seem to jive with the earlier reporting in the New York Times by Gretchen Morgenson (see our earlier post for details).

Sounds like the tracks are being repaired and the financing industry train is about to get back on the tracks, right? Maybe not.

Today, just as Ally Financial announced its $210 Million loss in the third quarter of 2011, its Chief Executive Officer, Michael Carpenter, stated publicly that Ally Financial is not happy with the proposed settlement and Ally Financial is NOT going to make that deal with the AGs because it's not good business for Ally.

Please see full article below for more information.

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Published In: Administrative Agency Updates, Business Organization Updates, General Business Updates, Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Rosa Eckstein Schechter, Eckstein Schechter Law | Attorney Advertising

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