Ally Financial has completed the sales of its European mortgage assets and operations to Fortress Investment Group, effectively exiting the European market.

The sales include about $11 billion in securitized other loan assets (including nonperforming loans) and servicing rights, and the shares of the related operating entities in the U.K., Germany and The Netherlands.

Ally chief executive officer Michael A. Carpenter said in a statement that the company will continue to sell other legacy assets and continue working to find an optimal long-term strategy for its U.S. origination and servicing business.

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