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

GMAC Financial Services has auctioned off $250 million of problem mortgage assets, using Citigroup Inc. as its broker on the deal, according to a report from American Banker. GMAC reported in February that its $5 billion loss during the final months of last year was largely the result of “legacy assets in the mortgage operations.” A regulatory filing by the company this week also revealed that its CFO, Robert Hull, has resigned, effective at the end of this month.