Ally Financial, one of the firms at the center of the foreclosure debacle that unfolded last year, is reporting that it has made significant progress in correcting improperly filed foreclosure papers.
In a press release touting its 2010 earnings report, the lender said that of the approximately 25,000 affadavits that may have been problematic, "all but 2,548 have been remediated or, where necessary, re-executed." In other words, about 90 percent of the cases have been resolved.
The financial results showed growth year-over-year from 2009. For 2010, the company formerly known as GMAC reported net income of $1.1 billion, an improvement over 2009's net loss of $10.3 billion. In the fourth quarter alone, Ally had a net income of $79 million, which also compares favorably to its 4Q net loss of $5.0 billion a year earlier.
Ally is trying to claw its way back from the troubles that befell it during the financial crisis, which ultimately led the company to accept government bailout money. In recent days, it has been reported that Ally is actively looking for a bank to underwrite its IPO. A public stock offering would be a key step in Ally's attempt at a rebound.
Read more at The Washington Post.