Ally Securities, the broker dealer subsidiary of Ally Financial, recently decided to exit its mortgage-related broker dealer activities, and will wind down that operation in an orderly manner over the coming weeks, according to a message emailed to HousingWire.
All existing trades will be honored.
“These activities are no longer strategic for Ally, and as a result it will refocus resources, capital and attention toward initiatives that more directly support the key franchises,” said the email. “Ally continually evaluates its business activities and makes modifications as appropriate.”
Ally Securities will continue to conduct the broker-dealer activities related to its insurance business, the email said.