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Ally Financial's Mortgage Unit Files for Bankruptcy

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  • Description

    FBN's Adam Shapiro breaks down late-morning market news.

  • Duration 0:58
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-- I'm -- and severity of -- Business read this selloff on Wall Street continues fresh concern over the European debt crisis and and economic slowdown in China are weighing negatively on the markets here in the United States.

Hello financials troubled mortgage subsidiary residential capital is from bankruptcy the division also known as -- GAAP.

Has weighed on the rest of ally's operations ally the former financing division of General Motors now hopes to focus.

On its auto lending in online banking business ally was bailed out as part of the broader rescue the auto industry into.

2009 the government owns 74%.

Of that company.

The -- is take -- for a possible bankruptcy filing at lightsquared the wireless networking company reportedly has until 5 PM relief to deal with creditors.

-- default on a one point six billion dollar loan.

That's the latest from the Fox Business Network giving you the power to cross.

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