1. As of today, $ALLY is exiting its mortgage origination business.
— Unicus (@UnicusResearch) January 9, 2025
3. Burdened by mortgages made to borrowers with shoddy credit, $Ally began reporting losses in 2007 that reached $10.3 billion in 2009. The U.S. engineered the bailout to ensure that money kept flowing to the auto industry and jobs were preserved. pic.twitter.com/QJ8OIXB48n
— Unicus (@UnicusResearch) January 9, 2025
4. $ALLY exited the mortgage business in 2012, reentered in 2016 with the launch of its direct-to-consumer mortgage platform, Ally Home, and went fully digital in 2019 through a partnership with https://t.co/VOr0WuOed6. The partnership went bust..
— Unicus (@UnicusResearch) January 9, 2025
6. As of today, $ALLY closes its mortgage origination business. The Company expects to lay off 5% of its 11,000 employees. $ALLY is also considering “strategic alternatives” for its credit-card business in the first quarter. pic.twitter.com/5HJ0Qgg5x4
— Unicus (@UnicusResearch) January 9, 2025
8. $ALLY has been experiencing a rise in auto loan delinquencies, charge-offs and declining recoveries in both prime and subprime consumers.
Prime sector recoveries declined significantly month-over-month to 51.36% in September 2024 from 67.13% in August, and are also below the… pic.twitter.com/in007w9rgp
— Unicus (@UnicusResearch) January 9, 2025
10. We have been focusing in the auto sector and related banks for more than a year. To become our client, email laks@unicusresearch.com.
— Unicus (@UnicusResearch) January 9, 2025
Ally to End Mortgage Originations, Cut Jobs Across Company
(Bloomberg) — Ally Financial Inc. will cut jobs, end mortgage originations and consider strategic alternatives for its credit-card business as borrowers have struggled to pay down costly debt.
https://finance.yahoo.com/news/ally-end-mortgage-originations-cut-161513045.html