Ally Bank completes sales of mortgage servicing rights
Ally Bank, the direct banking subsidiary of Ally Financial Inc., today announced that it completed the sales of approximately $115 billion in unpaid principal balance of agency mortgage servicing rights to Ocwen Financial Corp. and Quicken Loans, Inc. In total, Ally Bank has received approximately $850 million in proceeds for the transactions.
Auto lender Ally Financial, which is 74 percent-owned by the US government, will sell its Mexican insurance business to insurance and reinsurance company ACE Ltd for $865 million in cash as it looks to focus on its US operations.