GMAC struggling to find buyer for ResCap -NY Post

April 14 (BestGrowthStock) – GMAC Financial Services, majority-owned
by the U.S. government, is struggling to sell its troubled
mortgage unit Residential Capital, which could result in another
taxpayer bailout, the New York Post said citing a source close
to the situation.

GMAC, one of the largest car loan companies in the United
States, continues to face problems with its mortgage liabilities
despite three separate bailouts totalling $17.2 billion.

“The original notion that someone would buy this quickly is
not happening,” the source told The Post.

The Post had earlier reported that Warren Buffett, who owns
a sizable chunk of ResCap’s debt, might be interested in buying
the lender. [ID:nN12107006]

GMAC’s sale is still in its early days, and GMAC has not yet
set a bidding deadline, the source told The Post.

GMAC could not be immediately reached for comment by Reuters
outside regular U.S. business hours.
Stock Market Investing

(Reporting by Shrutika Verma in Bangalore, editing by Will

GMAC struggling to find buyer for ResCap -NY Post