Ally nears bankruptcy deal with ResCap creditors: source

Ally Financial and creditors of the lender's Residential Capital unit are in general agreement on a plan to put the mortgage subsidiary into bankruptcy in a deal that could speed up and ease the process, ...

(Reuters) - Ally Financial Inc must sign a deal to resolve claims that it owes billions of dollars to creditors of its Residential Capital LLC unit by 11 a.m. EDT Tuesday (1500 GMT) to avoid the publication of a potentially damaging report into its role in ResCap's bankruptcy. Negotiations between the auto lender, which is three-quarters owned by the U.S. government, and creditors of its home lending subsidiary have already dragged beyond an initial deadline of Friday. ...

By Tom Hals (Reuters) - Creditors of bankrupt Residential Capital LLC are nearing a deal to settle billions of dollars of claims against the mortgage lender's parent, Ally Financial Inc , a development that prompted a delay in a much-anticipated report on ResCap's failure. A mediator overseeing talks between Ally and ResCap creditors asked that an independent examiner postpone his report on claims that Ally should be held responsible for up to $25 billion of ResCap liabilities, according to a court filing. That report was expected to be published on Friday at noon. ...

(Reuters) - Residential Capital LLC Chief Executive Thomas Marano has resigned as the mortgage subsidiary of auto lender Ally Financial Inc works its way out of bankruptcy. Marano, who joined ResCap in 2008, will remain as a member of the board. Marano spent more than 25 years at now-defunct investment bank Bear Stearns & Co, where he was the global head of mortgage and asset-backed securities. Marano was managing director at Cerberus Capital Management before moving to ResCap. ...

NEW YORK (Reuters) - Ally Financial Inc's Residential Capital unit is nearing a bankruptcy filing, sources familiar with the situation said on Sunday, in a move that could help the taxpayer-owned auto lender to shed its troubled mortgage business but also spur drawn-out legal fights. The board of ResCap is scheduled to meet later on Sunday and a pre-arranged bankruptcy filing, where Ally has the support of some creditors to its plan but not all, is expected to follow soon after, the sources said. ...

NEW YORK (Reuters) - Ally Financial Inc's mortgage unit on Monday filed

(Reuters) - Ally Financial Inc must sign a deal to resolve claims that it owes billions of dollars to creditors of its Residential Capital LLC unit by 11 a.m.

(Reuters) - Creditors of bankrupt Residential Capital LLC are nearing a deal to settle billions of dollars of claims against the mortgage lender's parent, Ally Financial Inc , a development that prompted a delay in a much-anticipated report on ResCap's failure.