GMAC Acceptance on the Auction Block

The cash-strapped General Motors announced Monday that it is considering a partial sale of General Motors Acceptance Corp., home to the nation's seventh-largest mortgage banking franchise.GM said in a statement that it is "exploring the possible sale of a controlling interest" in GMAC "to a strategic partner." GMAC Residential and its affiliate, Homecomings, have a combined residential servicing portfolio of $345 billion. Both units are housed in a holding company, Residential Capital Corp., which is 100% owned by GMAC. On Monday GM reported a $1.6 billion loss for the third quarter. Fitch placed GMAC and ResCap on its watchlist, noting that a sale of the unit presents "unique challenges" due to its size. At June 30, GMAC boasted $309 billion in on-balance-sheet assets. Fitch opined that GM likely "will pursue a transaction with some urgency, if for no other reason to maintain GMAC's franchise value."