Tuesday, January 31, 2012

Mortgage Settlement: Ally Takes $270 million charge for "foreclosure related matters"

by Calculated Risk on 1/31/2012 07:07:00 PM

Another sign that the mortgage settlement will be announced soon ... from Ally Financial 8-K filed today:

Ally Financial Inc. (“Ally”) has concluded that it will record a charge of approximately $270 million in the fourth quarter of 2011 for penalties expected to be imposed by certain of our regulators and other governmental agencies in connection with foreclosure related matters, which is anticipated to result in an overall net loss for Ally in the fourth quarter. This charge was recorded effective December 31, 2011, considering developments subsequent to year-end.
The mortgage settlement (deadline for states is Friday) is one of several upcoming policy announcements that could impact the economy both in the US and in Europe.

Earlier on House Prices:
Case Shiller: House Prices fall to new post-bubble lows in November (seasonally adjusted)
Real House Prices and House Price-to-Rent
All current house price graphs