Ally Financial Inc. reported a profit for the second quarter of 2011, but its results were down from previous earnings. Net income for Q2 was $ 113 million, a decline from $ 146 million in the previous quarter and from $ 565 million one year ago. The company says reducing risk in its legacy mortgage portfolio has been among the top priorities. Ally’s GMAC Mortgage has completed more than 700,000 loan workouts for defaulted homeowners since 2008. The mortgage unit says it modifies two loans for every one foreclosure.
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