The financially struggling Residential Capital Corp. has sold $12.7 billion in Fannie Mae-related servicing rights. The company confirmed the sale -- first reported in the American Banker -- but declined to say who the buyer was. "We're not giving out any more information about the sale," a spokeswoman said. GMAC Financial Services -- the parent of ResCap -- recently applied with the Federal Reserve to become a bank holding company, a move that may give it access to a cash infusion under the Emergency Economic Stabilization Act. The company has warned, however, that it may not receive approval from the Fed. GMAC owns a depository based in Utah. Among servicers, ResCap ranks sixth nationwide, according to the Quarterly Data Report.
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