Ally Financial Inc. has completed the sales of its European mortgage assets and operations to Fortress Investment Group LLC, effectively exiting the European market.
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The sales include about $11 billion in securitized 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.
Ally chief executive officer Michael A. Carpenter said in a statement that the company will continue to sell other legacy assets and continue working to find an optimal long-term strategy for its U.S. origination and servicing business.
