Tags: US | GMAC | Asset | Sale

GMAC to Sell European Mortgage Business

Monday, 12 Apr 2010 02:25 PM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

GMAC Financial Services says it reached a deal to sell its European mortgage operations to an asset management firm, bringing it closer to its goal of withdrawing from the home financing business.

GMAC, which specializes in automotive financing, says the assets to be sold represent about 10 percent of mortgage subsidiary Residential Capital LLC as of Dec. 31. GMAC has been trying to shed its money-losing mortgage business.

GMAC says the sale to New York-based Fortress Investment Group LLC effectively marks its exit from the European mortgage market.

GMAC, which is majority-owned by the federal government, said earlier this year that its overall mortgage business lost $4 billion in the fourth quarter.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Newt Gingrich: Sony Hack Is America's First Cyberwar Defeat

Wednesday, 17 Dec 2014 22:43 PM

Former House Speaker Newt Gingrich says Sony Pictures' decision to cancel the release of the movie "The Interview" in th . . .

Obama Commutes Sentences of 8 Nonviolent Drug Offenders

Wednesday, 17 Dec 2014 22:31 PM

President Barack Obama is cutting short the sentences of eight federal drug offenders, including four who were set to di . . .

MLK III: It's 'Insanity' to Say 'Kill the Cops'

Wednesday, 17 Dec 2014 22:03 PM

Martin Luther King III, son of the civil rights icon, told Fox News on Wednesday that he doesn't think most of the peopl . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved