Residential Capital LLC, the mortgage lending subsidiary of GMAC LLC, has agreed to sell its real estate brokerage, franchising, and relocation business to the residential property services unit of Brookfield Asset Management Inc., Toronto. Brookfield announced the deal Tuesday but did not say how much it would pay for GMAC Home Services LLC. The deal is expected to close next quarter. ResCap had said this month that it was "evaluating strategic alternatives" for the home services business. At the time, the ailing Minneapolis lender also announced plans to lay off 5,000 employees, or 60% of its work force; close the 200 retail offices that use the GMAC Mortgage brand; and cease originations through its Homecomings wholesale channel.
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