Tag Archives: Ally puts away $270 million for potential foreclosure fines

Ally Financial ($22.93 0.14%) set aside $270 million for expected penalties in “foreclosure-related matters,” which will likely result in a fourth-quarter loss for the company. The Detroit-based bank is among the country’s largest lenders involved in talks with state attorneys general, regarding a potential settlement of up to $25 billion for alleged foreclosure malfeasance. The $270 million charge is an estimate, not a final number, for Ally, according to a regulatory filing. A proposed settlement was sent to the states last week for comment. Ally joins several other banks that […]