Next week Ally Financial reports third quarter earnings, and chances are its mortgage division could report stellar results. How do I know? Actually, I don't, but keep in mind these thoughts: it has already taken huge hits on its legacy business, getting the “bad news” out of the way; new residential originations are strong compared to its peers; and it has been advertising like crazy on TV, trying to gather up low cost deposits. Ally's IPO is on hold, but will a strong quarter finally shake it loose again? Stay tuned...
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