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Ally Bank Reveals New Mortgage Program

Move comes 1 year after wading into mortgages

Dec. 12, 2016

By Mortgage Daily staff



Just one year after telling investors that it planned to wade back into the mortgage waters, Ally Financial Inc. has taken a big step into submerging itself into real estate finance.

After allowing former subsidiary Residential Capital LLC to fall into bankruptcy in 2012, the New York-based firm in 2013 walked away from the mortgage business entirely.

But at the Goldman Sachs U.S. Financial Services Conference in New York in December 2015, Ally revealed plans to introduce limited direct mortgage originations this year.


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Related:
Ally to Re-enter Mortgage Lending Business (Dec. 11, 2015)
Ally Financial Inc. has disclosed plans to slowly get back into home lending, a business in which it was a former behemoth prior to its exit two years ago.
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