GMAC lending unit changes eyed
From Times Wire Reports
Finance company GMAC said it was exploring the sale of parts of its troubled mortgage-lending arm, Residential Capital, and the purchase of an international lending institution.
GMAC, 49% owned by General Motors Corp, said it had expressed interest in buying a large non-U.S. mortgage-lending institution. Its goal would be to combine ResCap’s local mortgage business with the acquired institution. GMAC did not disclose the name of the lender.
ResCap this month posted a $2.6-billion loss for the third quarter, which led to a $1.6-billion loss at GMAC. Buyout firm Cerberus owns 51% of GMAC.
