GM to buy Ally's Europe, LatinAm ops
Agencies: Nov 22 2012, 12:27 IST
the U.S. government, Ally has paid back $5.8 billion, including dividend payments.
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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