Ally Financial Faces Charge for Mortgage Losses, Receives Subpoens from DOJ & SEC

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Ally Financial Faces Charge for Mortgage Losses, Receives Subpoens from DOJ & SEC

Ally Financial Faces Charge for Mortgage Losses, Receives Subpoens from DOJ & SEC

WSJ-

Ally Financial Inc. said it expects to incur a $100 million second-quarter charge to cover mortgage losses posted by securitization trusts, and that it received subpoenas from regulators related to “certain mortgage activities,” according to a regulatory filing early Wednesday.

In an updated prospectus filed with the Securities and Exchange Commission, Ally said it made payments to such trusts of $152 million in the second quarter to cover losses related to …

Continue reading [THE WALL STREET JOURNAL]

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