With Facebook headed for a massive initial public offering, there was speculation that perhaps Ally Financial would reboot its IPO. Not happening, apparently.

Bloomberg is reporting that Ally's IPO will remain on hold as it continues to work through its legacy mortgage issues:

Ally, based in Detroit, has told investors it won't file for an initial public offering until issues tied to faulty home loans are resolved and that it won't give a “blank check” to its mortgage unit, which has teetered near bankruptcy.

It was a year ago that Ally's IPO seemed inevitable. The company even ran an auction for the investment banking business. But it was not to be, as market conditions and other factors led Ally to postpone the offering.