Ally Financial Inc. has announced that Ally Securities, its broker-dealer subsidiary, will cease its mortgage-related operations.
‘Ally continually evaluates its business activities and makes modifications as appropriate,’ said Gina Proia, Ally Financial's chief communications officer, in an emailed statement to MortgageOrb. ‘Ally Securities recently decided to exit its mortgage-related broker-dealer activities and will be winding down that operation in an orderly manner over the coming weeks.Â
‘All existing trades will be honored,’ Proia added. ‘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. Ally Securities will continue to conduct the broker-dealer activities related to its insurance business.’