Hedgie who owns debt in ResCap asking political rival for help keeping lender out of bankruptcy

Carpenter believes he needs to put ResCap in bankruptcy to help shield parent Ally from future mortgage liabilities.

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A bankruptcy of the mortgage-lending business would present a big black eye for the Obama administration, which has been hoping to campaign on the success of the Wall Street bailouts.

Uncle Sam has collected only $4 billion of its $16 billion investment in Ally, and holds Ally preferred shares.