Ranieri, Partners Look at GMACCM.

Washington -- A partnership that includes Kohlberg Kravis Roberts, Goldman Sachs and Five Mile Capital has been granted exclusive negotiating rights to buy a majority stake in GMAC Commercial Mortgage, the nation's largest commercial servicer.

Industry sources told Mortgage Servicing News that negotiations have been ongoing since at least mid-March.

Five Mile Capital is headed by investment banker Lewis S. Ranieri, who is considered the "father" of the mortgage-backed security. At press time, Mr. Ranieri declined to comment.

KKR already has a presence in mortgages through its ownership of Nexstar Financial of St. Louis, a private-label funder/servicer. Goldman has long been a key player in mortgage M&A and last fall launched a private-label conduit.

A spokeswoman for General Motors in New York told MSN that the company is in "advanced talks" with a group of buyers, but declined to identify any of the parties involved.

Industry sources say the deal is far from being wrapped up and its parameters could change.

"The price is still up in the air," said one investment banker. "But it looks like GM will keep a piece of the company."