Sale Soon For GMAC Commercial?(Brief Article)

GMAC Commercial Mortgage, the nation's largest commercial servicer, is about to be sold. As for the identity of the buyer, well, that's a different matter.

As Mortgage Servicing News went to press this month, industry sources identified GE Capital Corp. as the likely buyer, but other firms reportedly were still in the hunt.

"The sale is getting closer and closer," said one commercial mortgage banking executive.

In a recent letter, GMACCM chairman David D. Creamer confirmed that at least three bidders were still actively looking at the company. (The letter was sent to National Mortgage News, an affiliate of this publication.)

In the same letter, Mr. Creamer took issue with a late September story by NMN that said there was just one bidder left looking at the company.

Mr. Creamer said GMACCM is "working with three bidders and is very pleased with their level of interest and each of the bids reflects the high quality of our assets and people."

He noted that a bidder who had earlier dropped out of the ...