GM to Keep Mortgage Arm
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General Motors Corp. said it dropped tentative plans to sell the massive commercial mortgage arm of its General Motors Acceptance Corp. finance unit.
The automaker said in March that it was considering selling all or substantially all of its interests in the commercial mortgage business.
GMAC Chairman and President Eric Feldstein said that the commercial mortgage business had “continued to perform extremely well” for GM and that the company was seeking to establish “alternative funding mechanisms.”
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