Reuters: U.S.: Ally looks to sell most of its mortgage business

Reuters: U.S. Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Ally looks to sell most of its mortgage business Oct 26th 2012, 14:09 Tweet Share this Email Print Related News Ocwen, Walter win bankruptcy auction for ResCap unit Wed, Oct 24 2012 U.S. sues Bank of America over "Hustle" mortgage fraud Wed, Oct 24 2012 Royal Bank of Canada to buy Ally auto finance unit Tue, Oct 23 2012 Ally near deal to sell Canadian business to RBC: source Mon, Oct 22 2012 UPDATE 4-Ally near deal to sell Canadian business to RBC-source Mon, Oct 22 2012 Analysis & Opinion On housing, disappointing silence from Obama & Romney Preet Bharara's breathtaking case against Countrywide and BofA Related Topics U.S. » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » An Ally Financial sign is seen on a building in Charlotte, North Carolina May 1, 2012. Credit: Reuters/Chris Keane Fri Oct 26, 2012 9:02am EDT (Reuters) - Ally Financial Inc's banking subsidiary on Friday said it is looking to sell much of its remaining mortgage business. Ally Bank said it is exploring strategic alternatives for its agency mortgage servicing rights portfolio and its business lending operations. The portfolio had $122 billion of mortgage loans in the third quarter of 2012. The move is Ally's latest step to exit the mortgage lending business to focus on its U.S. auto lending and banking operations. Its Residential Capital LLC mortgage unit filed for bankruptcy in May and the assets were bid on this week in a bankruptcy auction. Ally, which is majority owned by the U.S. government after a series of bailouts during the financial crisis, is also selling international operations in a bid to pay back taxpayers. Ally is the former auto lending arm of General Motors Co. "Going forward our goal is to focus on our customer-centric deposit activities as well as supporting Ally's auto finance operation," said Ally Bank President Barbara Yastine in a statement. The business lending unit buys mortgages from other correspondent lenders and brokers. Ally started reducing volume in its correspondent lending business in November 2011. Ally said it will continue making a "modest level" of high-quality residential jumbo mortgages for its own portfolio through correspondents and wholesale brokers. (Reporting By Rick Rothacker; Editing by Gerald E. McCormick) Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions