Ally Financial repays $4.5B in gov't debt
DETROIT Ally Financial has repaid $4. 5 billion of debt owed to the government after it helped bail the company out during the 2008 banking industry meltdown. Ally, which used to be called GMAC Financial Services, was the financial arm of automaker General Motors until GM sold its controlling stake in Ally in 2006. The government first invested in Ally in 2008, with the Treasury Department eventually gaining a 74 percent equity stake in Ally in December 2010. With the repayment, Ally Financial Inc. said Wednesday that it has exited the Temporary Liquidity Guarantee Program of the Federal Deposit Insurance Corp. In October it repaid $2. 9 billion of debt under the program. Government sale of GM will cost taxpayers General Motors to buy Ally Financial assets for $4.
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Ally General Motors Ally Financial DETROIT Ally Financial Ally Financial Inc. government Ally Financial assets assistance Ally automaker General Motors GMAC Financial Services banking industry meltdown percent equity stake Temporary Liquidity Guarantee Federal Deposit Insurance 200M government shares government support programs Mexican insurance business debt financial arm Treasury Department Government sale government bailout important step Royal Bank Detroit company Canadian operations repayment taxpayers Corp Wednesday EuropePeople:
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Company: Ally Financial Inc.
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Company: General Motors
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Company: Ally Financial
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Source : Ally Financial repays $4.5B in gov't debt
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Former lending arm of General Motors finishes repaying federal loan it received during financial crisis
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Ally Financial repays $4.5B in gov't debt
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