GMAC Financial Services has come to market with a $22 million package of nonperforming residential loans that were culled from securitizations. A company spokeswoman noted, "The vast majority of these loans are not part of ResCap's owned loan portfolio. This type of transaction is something we have done and continue to do in the normal course (of business)." GMAC's mortgage affiliate, Residential Capital Corp., is the servicer of the underlying loans. A few weeks back it put out for bid a $250 million package of NPLs. It said the offering went well but has not released any information on which firm was the winning bidder or the price paid.
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