NY Post: GMAC Begins ResCap Sale Process

Posted by Orb Staff on March 12, 2010 No Comments
Categories : Mortgage Servicing

GMAC has tapped Goldman Sachs to lead the sale of its Residential Capital (ResCap) unit, the New York Post reports.

A GMAC spokesperson declined to comment for the Post article, which quotes a person familiar with the matter as saying, ‘I think [GMAC is] finally getting its act together on ResCap.’

The paper suggested that Warren Buffett, whose Berkshire Hathaway company acquired Capmark Financial Group as part of a joint venture last September, may pursue ResCap. But according to a Bloomberg TV interview with WL Ross & Co. CEO Wilbur Ross earlier this year, Buffett might not be the only billionaire considering the servicing unit.

"[A]nytime a large servicing platform comes up, it's logical to at least think we'll look at it," Ross said at the time.

Earlier this week, GMAC announced in a Securities and Exchange Commission filing that Robert Hull, GMAC's chief financial officer, was leaving the company.

SOURCE: New York Post

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