Ally Financial

Ally, HouseCanary Offer $5K Grant To Homebuyers

Posted on by TMN Editor
Ally Home and HouseCanary are offering a $5,000 grant to homebuyers in three major metros. The grant can be used for a down payment, closing costs, or other expenses that arise during the homebuying process. Buyers within select markets in Charlotte, Detroit, and Philadelphia are eligible, though Ally may expand the program in the future. Eligible buyers must have an income less than or equal to 100% of the area median income and be purchasing a primary residence. Grantees can combine this award with other offerings like the Fannie Mae HomeReady Mortgage program, which lets buyers put as little as 3% down. As part of the rollout, HouseCanary, Ally’s portal partner since last year, now identifies grant-eligible properties in the…

Doug Timmerman Named Interim Ally Financial CEO

Posted on by TMN Editor
Doug Timmerman was named interim CEO of Ally Financial following the departure of Jeffrey J. Brown, the company announced in a press release. Brown announced he would step down in October after fourteen years with the company, nine as CEO. He set his final day as January 31, or an earlier date as determined by the Chair of the Board. Brown steered Ally toward mortgages and auto loans during his tenure, after the company rebranded from GMAC as part of General Motors. As part of that mortgage push, Ally’s home lending arm partnered with HouseCanary to incorporate its portal ComeHome into its website. “What began in 2009 as the financial reengineering of a company ultimately became a bank that truly…