Ally Financial's mortgage arm files for bankruptcy | MLive.com
Ally, which is 74 percent owned by the U.S. government, was the financial arm of General Motors Co. until the banking industry meltdown in 2008.
It needed a $17.2 billion bailout to survive the downturn. Ally has repaid about $5.5 billion and it still owes the government just under $12 billion.
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