GMACCM Talking to 2 Finalists

General Motors is talking to two finalists about buying part of the automaker's commercial mortgage business, a source familiar with the matter has told Mortgage Wire.A spokeswoman for GM confirmed that the company is considering selling part of the commercial business but offered no timetable on when a sale might be completed. "We want to maintain a significant stake in the company," she told MW. She would not comment further on the bidding process or potential buyers. Based in Horsham, Pa., GMAC Commercial Mortgage services $106 billion in commercial mortgages for itself and others, and has another $141 billion in master servicing on its books, according to the Commercial Quarterly Data Report. At year-end it had $247 billion in commercial servicing on its books (servicing for itself and others and master servicing). Valued at 100 basis points, the servicing alone could be worth $2.4 billion. The automaker, which last week revised downward its earnings projections, has $300 billion in debt on its books and its credit ratings are close to junk-bond levels. The credit woes of the parent are expected to increase the borrowing costs for both GMACCM and its residential unit.