Ally's Residential Capital Files Bankruptcy

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May 14 (Bloomberg) -- Bloomberg's Erik Schatzker Residential Capital LLC, the unprofitable mortgage company whose parent Ally Financial Inc. is trying to repay a U.S. government bailout, filed for bankruptcy. ResCap listed more than $1 billion each in assets and debt in a Chapter 11 petition filed today in U.S. Bankruptcy Court in Manhattan. He speaks on Bloomberg Television's "Inside Track." (Source: Bloomberg)

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