Ally Financial's international operations are about to find a new home -- with the lender's former parent, General Motors, the New York Times DealBook reported on Wednesday. Ally agreed to sell its European and Latin American businesses, as well as a share of a joint venture in China, to GM's financial arm for about $4.2 billion. The sale is the latest effort by Ally to raise money to help pay back its government bailouts, made to help prop up a company struggling under the weight of souring mortgages. The Obama administration pumped money into the firm as part of its bailout of the auto industry in 2009.
