The Wall Street Journal is reporting that General Motors is expected to announce today that it's selling a majority stake in GMAC to a private investor group in order to raise money to move it back toward a profit.
General Motors Acceptance Corporation is the financing arm of the automaker. Besides autos, GMAC provides mortgage lending and real estate services. The division generated about three (b) billion dollars in profit last year.
The investor group, led by Cerberus Capital Management, will pay about eight (b) billion dollars for its stake in GMAC.
A GM spokesman tells The Associated Press the report is speculation and has declined comment.
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