GM to buy Ally's Europe, LatinAm ops
The company is focusing on U.S auto lending and banking to turn its business around. In May, its Residential Capital (ResCap) mortgage unit filed for bankruptcy, and on Wednesday a bankruptcy court judge approved the sale of its mortgage operations to Ocwen Financial Corp and Walter Investment Management Corp for $3 billion.
ResCap is also selling a loan portfolio to Warren Buffett's Berkshire Hathaway Inc for $1.5 billion.
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