GM seeks to sell majority stake in mortgage unit


DETROIT, March 29 (Reuters) - General Motors Corp. said on Tuesday it is in advanced talks to sell off a majority stake in its GMAC Commercial Mortgage unit, and acknowledged that its own poor credit ratings were a major reason for the sale. "We're now engaged in advanced discussions with a consortium of investors regarding the sale of a majority stake in Commercial Mortgage," said GM spokesman Jerry Dubrowski. "There's no definitive agreement," he added, saying only that GM's finance ...

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