Ally Financial Inc. said its mortgage operations provided pretax income of $100 million in 4Q12, well below the $300 million in 3Q12 and slightly below the $101 million for 4Q11. Current quarter performance was driven by strong gain-on-sale revenue from HARP refinancings.

The 4Q11 number, however, includes $317 million of pretax income from ResCap, which has filed for bankruptcy. If Ally Bank’s continuing operations are only considered, mortgage banking had a pretax loss of $216 million.

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