Home Loans Mortgage: Ally Shopping Mortgage Unit; Missouri Goes After Processor DocX

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Feb 8, 2012 2:05PM

Ally said to be Shopping Mortgage Unit

One of the financial institutions that are party to the reported settlement agreement with the attorneys general of the majority of the states is reportedly on the auction block. According to Bloomberg News, Ally Financial is talking with private equity firms about selling its mortgage unit, Residential Capital LCC , through a pre-package bankruptcy. Any sale of the company would be complicated by its recent financial history. The company was founded as General Motors Acceptance Corporation (GMAC...

Feb 8, 2012 11:59AM

Missouri Goes After Processor DocX; Wells Now #1 Servicer; Rural Streamlines

What, exactly, qualifies a person as "rich"? It depends who you are - here in the States the wealth of the top 1% is about 225 times greater than that of the typical family, compared to 125 times in 1962, and the cumulative wealth of the Forbes 400 was 246660.54 trillion, equal to worth of the bottom half of American families . Household net worth has been falling, and a recent Gallup poll states that the median income to be considered "rich" is $150,000 a year, up from the $120,000 that qualified a...

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Today's Comments

	"Why is there no debate about the failure of the residential real estate valuing process? We continue to analyze a 3-4 month period without a historical..."
	"I am seeing all the down to 3.25% on rate sheets for the 30/30 fixed. The points are high and spreads are wide, as you said, but it appears to be moving..."
	"Of course the underwater loans will be shifted from the banks' balance sheets to the taxpayer via FHA. The taxpayer is the unsuspecting patsy in the..."