Wells Fargo Complicates Ally's Independence Plan

A Chevy dealership in Danvers, Mass. Photograph by Lisa Poole/AP Photo

“Lost another loan to Ditech.” Future archaeologists and history professors will surely love to invoke those annoying ads from the subprimetastic 2000s. Ditech was the very public face of General Motors’ longtime finance sub-empire GMAC—specifically its Res Cap mortgage arm. That business famously marketed 125 percent loans to borrowers keen to take out money in excess of the value of their homes. Throw in interest-only mortgages and liar loans and GMAC was one jolly enabler of the housing bubble.

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