March 12 (Reuters) – GMAC Financial Services (GKM.N) has engaged Goldman Sachs to start the sale of its troubled mortgage unit Residential Captial (ResCap), the New York Post said.
It was likely that billionaire investor Warren Buffett might step in to buy ResCap, the Post said.
Buffett owns a sizable chunk of ResCap’s debt and has been interested for months in buying the lender, according to the paper. In December, the paper said Buffett was in talks to buy ResCap.
The Congressional Oversight Panel, in a new monthly report, said despite three separate bailouts totaling $17.2 billion GMAC Financial Services continues to struggle with its troubled mortgage liabilities.
GMAC, one of the largest car loan companies in the United States, said in January it expected to sell some mortgages from ResCap to third-party investors.
GMAC was not available for comment. (Reporting by Sakthi Prasad in Bangalore; Editing by Dan Lalor)
Share Investor Blog – Stockmarket & Business commentary
Discuss this topic @ Share Investor Forum – Register free
Download the 2009 Warren Buffett Letter & 2009 Annual Report to Berkshire Hathaway Shareholders
Download the 1977 – 2009 Warren Buffett Letter’s to Berkshire Hathaway Shareholders
Recommended Amazon Reading
 |
Warren Buffett’s Management Secrets: Proven Tools for Personal and Business Success by Mary Buffett Buy new: $16.50 / Used from: $13.20 Usually ships in 24 hours |
 |
The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) by Benjamin Graham Buy new: $14.77 / Used from: $10.49 Usually ships in 24 hours |
