GMAC Sells $250M in Problem Mortgages as CFO Steps Down

""GMAC Financial Services"":http://www.gmacfs.com has auctioned off $250 million of problem mortgage assets, using ""Citigroup Inc."":http://www.citigroup.com as its broker on the deal, according to a report from _American Banker_.

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""Our plan is to continue to sell assets through the year in our normal course of business and as we have done historically,"" a GMAC spokesperson told the paper. ""We are not interested in pursuing transactions that don't have the right economic value.""

According to _American Banker_, one investor involved in the bid process said he passed on making an offer on the

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pool ""because they wanted us to bid based on 2008 appraisals that they did.""

""GMAC reported in February"":http://dsnews.comarticles/gmac-reports-5b-q4-loss-cuts-mortgage-jobs-2010-02-04 that its $5 billion loss during the final months of last year was largely the result of ""legacy assets in the mortgage operations.""

As ""DSNews.com previously reported"":http://dsnews.comarticles/rescaps-ditech-operations-relocating-to-pennsylvania-2010-02-08, the company has already begun downsizing and consolidating its mortgage businesses, including Residential Capital (ResCap) and Ditech.

When GMAC accepted its third bailout from the government, nearly 75 percent of the federal funding went to ResCap. GMAC said at that time that the funding would allow it to sell off some $2 billion of ResCap's troubled mortgage-related assets while it explored ""strategic alternatives for the business.""

Amid all GMAC's financial woes, its CFO, Robert Hull, is relinquishing his post, according to a regulatory filing by the company this week. Hull's three-year tenure with the firm will come to an end on March 31.

He is leaving to join ""Providence Equity Partners"":http://www.provequity.com as CFO in early April, according to an announcement from the Rhode Island-based private equity firm on Tuesday.