His colleague, spokeswoman Colleen Plummer, refers only to Farmer's statement and says, "We're not commenting on any reports until it's finalized." According to one published report, David Creamer, GMAC chairman, sent a letter to employees last week, confirming progress on the company's plan to sell the commercial mortgage unit. In response to a question about that, Plummer said, "we're not going to discuss internal communications."
That's just a little bit more than Ted Meyer, a spokesman in Deutsche's New York office, would say. "Unfortunately, I can tell you nothing; I can't comment at this point," he tells GlobeSt.com.
In March, when the potential sale was announced, the GMAC unit had a servicing portfolio in excess of $160 billion with room to grow. The rationale for selling it was to give that unit access to more capital than GMAC could provide and also obtain proceeds for GM's other businesses, which include insurance and auto and home loans.
GMACCM has 100 offices in nine countries. In 2002, it reported generating $20 billion in loans. Net income for the year was $225 million, and total assets were $12 billion.
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