Watchdog Demands A Plan For Unloading Taxpayer Owned GM Financial Arm

The Treasury Department needs a "concrete plan" to unwind the 2009 bailout of Ally Financial Inc., the former auto-finance arm of General Motors, an administration watchdog says in a new report.

Taxpayers still own 74 percent of Ally, which owes $14.6 billion for the infusion of public dollars that enabled the former GMAC Inc. to avoid bankruptcy.

The auto-finance company, spun off from GM in 2006, ran into trouble as the result of a foray into home mortgage lending under its Residential Capital LLC unit.

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PUGPROUD - 1/30/2013 5:57:05 PM

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