Ally Financial Mortgage Unit Overdue On Bond Payment

Law360, New York (April 17, 2012, 6:10 PM EDT) -- Ally Financial Inc. unit Residential Capital LLC missed a semiannual interest payment Tuesday of about $20.1 million on $473 million in outstanding notes due in 2013, Ally said in a U.S. Securities and Exchange Commission filing, amid rumors that the mortgage unit is headed for bankruptcy.

ResCap is not yet in default on the 6.5 percent notes under an agreement with trustee Deutsche Bank Trust Co. Americas, which says that a missed payment isn't an event of default until it is 30 days overdue.

Under the...
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