Ally Financial, which has distanced itself from mortgage banking altogether, finalized the sale of its European and Latin America operations to General Motors Financial Co.
Detroit, Mich.-based Ally received $2.6 billion in proceeds for the European units as the firm transitions to a period in which it will focus on U.S.-based auto financing transactions.
"Completion of this transaction marks another major step in Ally's plans to further strengthen its financial profile going forward and to focus on its core, leading U.S.-based franchises," said Ally Chief Executive Officer Michael Carpenter.
"We remain committed to further advancing our strategic plans and best positioning Ally to repay the U.S. taxpayer's investment."
Ally Financial stated its intention in 2012 to wind down its remaining mortgage business after putting its ResCap lending unit into bankruptcy reorganization – a process that resulted in massive MSR sales out of bankruptcy.