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With ResCap Deal, Ally Shifts From Home Loans to Auto Loans

in Government, Secondary Market May 15, 2012 741 Views

After suffering from bad loans during the financial crisis, Ally Financial looks to close the books on its share of ownership in the mortgage business. Executives with Ally took to the phone with investors Tuesday to explain a filing for bankruptcy protection Monday by subsidiary Residential Capital LLC. The consensus: Residential mortgage loans are out for Ally and auto finance is back in the center. Ally will still subservice loans via ResCap while it serves as counterparty to Fannie Mae and Freddie Mac.

To read the full article, visit our sister publication at ""theMReport.com"":http://www.themreport.com/articles/with-rescap-deal-ally-shifts-from-home-loans-to-auto-2012-05-15.

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