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Ally Financial getting back into mortgage business

Justice League

Say what???

It’s back.

Two years after being completely driven from the mortgage business due to the losses suffered by its former subsidiaries, GMAC Mortgage and Residential Capital, also known as ResCap, Ally Financial (ALLY) is getting back into mortgages.

According to a report from Bloomberg, Ally will “inch back” into direct home loan originations in 2016.

From Bloomberg:

Ally, whose defunct GMAC Mortgage unit was one of the biggest lenders of subprime mortgages in the run-up to the 2008 housing bust, will inch back into direct home loan originations next year, the bank’s Chief Executive Officer Jeffrey Brown said this week at a Goldman Sachs Group Inc. financial conference in New York.

“Don’t think of this as Ally going down the road of the old GMAC,” Brown said, referring to the home lending unit that brought Ally to the brink of collapse.

The bank…

View original post 48 more words

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