GMAC To Sell European Mortgage Assets To Fortress

Law360, New York (April 13, 2010, 6:08 PM EDT) -- GMAC Financial Services is selling its residential mortgage operations in Europe to hedge fund and private equity firm Fortress Investment Group LLC as part of its plan to get out of the home lending business.

GMAC's mortgage subsidiary Residential Capital LLC has agreed to sell certain loan assets — including nonperforming loans — and servicing rights and the shares of related operating entities in the U.K., Germany and the Netherlands, GMAC said Monday.

The transactions represent about 10 percent of ResCap's total assets as of Dec....
To view the full article, register now.