GMAC Financial Services has auctioned off $250 million of problem mortgage assets, using Citigroup Inc. as its broker on the deal, according to a report from American Banker.
“Our plan is to continue to sell assets through the year in our normal course of business and as we have done historically,” a GMAC spokesperson told the paper. “We are not interested in pursuing transactions that don’t have the right economic value.”
According to American Banker, one investor involved in the bid process said he passed on making an offer on the
pool “because they wanted us to bid based on 2008 appraisals that they did.”
GMAC reported in February that its $5 billion loss during the final months of last year was largely the result of “legacy assets in the mortgage operations.”
