Ally Financial Inc. moved closer to repaying a U.S. bailout as the auto lender reached agreement with creditors of its bankrupt mortgage unit, Bloomberg News reported yesterday. While financial terms of the accord were not included in a statement yesterday from Detroit-based Ally, the company said that it will be insulated from private claims against its Residential Capital LLC mortgage arm, once ranked among the largest originators of subprime mortgages. The sum will be kept confidential until next week, when debtors are expected to support the plan in court, Ally said. ResCap’s bankruptcy has been one of the biggest sticking points as Ally seeks to sell shares to the public and pay back a $17.2 billion taxpayer rescue received during the global credit crisis. Ally Chief Executive Officer Michael Carpenter has been selling assets to raise money and said this month that an initial stock offering remains the best option.
