The government-owned Ally Financial sold $250 million of legacy mortgages last year, using the whole loan securitization market, according to a recent filing with the Securities and Exchange Commission.
The filing noted that at yearend 2011, Ally had legacy assets of roughly $10.9 billion, including mortgages 'held for investment' with a carrying value of $8 billion. Its legacy mortgages held for sale have a net 'carrying' value of $1.6 billion.
The carrying value bucket of loans has been marked at 47% of their unpaid principal balance, the company said.
At yearend Ally had reserves of $825 million to cover Fannie Mae and Freddie Mac buyback claims. (In 2010 it reached a settlement with the GSEs limiting its repurchase exposure.)
The U.S. Treasury Department controls roughly 70% of Ally's stock. The bank holding company owns GMAC Mortgage/Residential Capital Corp., which is currently on the auction block.