JSM Financial: ResCap sale is attracting some big name attention such as BlackRock and Balckstone.

March 17, 2010 - PRLog -- GMAC, one of the largest car loan companies in the United States who JSM Financial understands has hired Goldman Sachs and Citigroup to advise it on a range of strategic issues, is seeing a lot of early buyer interest in its Residential Capital unit.

Sources familiar with the situation have indicated that among others, the New York City based global investment management firms BlackRock Inc. and Blackstone Group have shown interest in the company.

JSM Financial believes similar sources said that others interested in ResCap include American investor Wilbur Ross known for dealing in mortgages and mortgage companies. It is also understood that a group of big funds is putting together a management team to look at possibly tailoring a bid for the troubled ResCap.

ResCap has caused billions of dollars of loses for GMAC and according to a New York Post article may even still attract the interest of Warren Buffet who already owns a substantial chunk of the firms debt and who, since late last year, has indicated a willingness to look at purchasing the firm.

GMAC is currently majority owned by the U.S. government and  the Congressional Oversight Panel, the U.S. bailout watchdog, recently said that despite three separate bailouts totaling $17.2 billion GMAC continues to struggle with its mortgage liabilities.

"We are currently evaluating strategic alternatives for the mortgage business with a goal of containing risk and preserving value in the business,"  JSM Financial believes GMAC announced recently.

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