Ally Financial Inc. has announced that its mortgage subsidiary, Residential Capital LLC (ResCap), has completed the sales of its European mortgage assets and operations to affiliates of certain funds managed by affiliates of Fortress Investment Group LLC. "The completion of these sales is another milestone toward our objective of reducing exposure in the legacy mortgage operation," said Ally Chief Executive Officer Michael A. Carpenter. "In addition to these transactions, we continue to sell other legacy assets and remain focused on defining the best long-term strategy for our origination and servicing business."
The sales include a combination of approximately $11 billion of securitized loans, other loan assets (including non-performing loans) and servicing rights, and the shares of the related operating entities in the United Kingdom, Germany and The Netherlands. With the completion of these transactions, Ally has effectively exited the European mortgage market.
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