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Tag Archives: Ally

2013 in Review: Major MSR Deals

The fizzle of 2012's refinance boom and the publishing of new regulatory guidelines took their toll on origination numbers, but it was a decidedly different story for mortgage servicing rights (MSR) deals. DSNews.com takes a look back at some of the biggest wheelers and dealers in the MSR world over the past year, including Nationstar, Ocwen, Walter Investment Management Corp., and Two Harbors, among others.

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Freddie Mac Taps Ally Exec for CFO

Ally CFO James G. Mackey will soon be departing to take an executive position at Freddie Mac. Mackey will join the GSE the week of November 11 to fill the role of EVP and CFO following the departure of Ross J. Kari, who announced last year his intent to retire in the second half of 2013.

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Ally to Contribute 2.1B in ResCap Agreement

Residential Capital (ResCap), Ally Financial's former mortgage subsidiary, announced Thursday it had filed a motion with the U.S. Bankruptcy Court for approval of the previously announced agreement with Ally and ResCap's major creditors. Under the plan support agreement announced mid-May, Ally will contribute $2.1 billion to the ResCap estate to settle any and all claims between ResCap and Ally and potential claims held by third parties in relation to ResCap.

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Banks Provide $50.6B in Relief, Settlement Obligations Nearly Met

The five banks that took part in the national mortgage settlement are getting close to completing their consumer relief obligations a year after the landmark deal was reached. So far, the five banks--Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial--have provided $50.63 billion in consumer relief to over 621,700 borrowers, according to an update from the settlement monitor Joseph A. Smith, Jr. The provided relief comes out to about $81,437 per borrower.

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Ally Reaches Claims Settlement with ResCap and Creditors

Ally Financial Inc. announced an agreement that settles any existing and potential claims from Residential Capital--its bankrupt mortgage subsidiary--and ResCap creditors, according to an announcement Tuesday. The plan ""fully releases Ally from any claim,"" including representation and warranty claims, that could be brought on by ResCap and its third parties, but makes an exception for securities claims by the Federal Housing Finance Agency (FHFA) and the Federal Deposit Insurance Corporation (FDIC), a release stated.

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Ally Agrees to Sell Remaining Servicing Rights to Quicken for $280M

Ally Bank has reached an agreement with Quicken Loans to sell the last of its remaining mortgage servicing rights (MSRs) portfolio, both companies announced. The purchase price is estimated to be approximately $280 million. ""This agreement marks a key milestone for Ally and, upon successful completion of the MSR transactions, Ally Bank will have exited all the non-strategic mortgage activities,"" said Barbara Yastine, present and CEO of Ally Bank.

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Ally Bank Agrees to Sell MSRs to Ocwen for $585M

Ally Bank, a subsidiary of Ally Financial, announced an agreement to sell mortgage servicing rights (MSRs) to Ocwen Financial Corporation for $585 million. The transaction includes MSRs with an unpaid principal balance of $85 billion and another $5 billion in agency MSRs created based on commitments made through the end of February. ""Ally continues to make significant progress in exiting its non-strategic mortgage activities. Going forward, the Bank's full focus and resources will be centered on its leading direct banking franchise and advancing its customer-centric deposit activities, as well as continuing to grow its key role in Ally's auto finance operation,"" said Barbara Yastine, president and CEO of Ally Bank.

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Walter Investment to Acquire Ally’s Lending Business

Walter Investment Management Corp. has signed a definitive agreement to acquire Ally Bank's business lending operations, the company announced. The transaction is expected to close on February 28, though terms were not disclosed. Upon the completion of the transaction, Walter expects it will employ approximately 300 of Ally's correspondent and wholesale lending employees. The deal represents a major step in Ally's ongoing move away from the mortgage business.

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Ally Reports Profit in Q4 as Auto Business Grows

Ally Financial reported net income of $1.4 billion for 2012's last quarter as the bank continues to shift away from the mortgage business. Last quarter's $1.4 billion income was a marked turnaround from the net loss of $206 million reported at the end of 2012. For the entire year, Ally recorded a net income of $1.2 billion compared to a net loss of $157 million in 2011. According to the bank's quarterly earnings report, performance was largely ""affected by strong on sale revenue in Mortgage Operations.""

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