GMAC Unable to Resell $2.7 Billion In Loans

This situation is not getting better:

GMAC $2.7bn loan sale failure

GMAC yesterday failed to sell a $2.7bn portfolio of loans as conditions across the credit markets continued to deteriorate.

It put the loans, which are part of GMAC's commercial finance business, on the block as part of previously announced plans to shed non-core assets, said a spokeswoman. It withdrew the sale due to "market conditions".

GMAC is majority owned by investors led by private equity firm Cerberus Capital Management. General Motors holds a 49 per cent stake