Ally pays back $2.9 billion in FDIC-backed debt

Newswire

Oct 31 (Reuters) - Ally Financial Inc, the U.S. auto lender 74 percent owned by the U.S. government, on Wednesday said it has repaid $2.9 billion in debt issued under a financial-crisis-era program designed to bolster confidence in the banking system. The former auto lending arm of General Motors Co paid back $2.9 billion in debt guaranteed by the Federal Deposit Insurance Corp's Temporary Liquidity Guarantee Program. The debt, issued on Oct 30, 2009, came due ...

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