GMAC denies report on ResCap sale
GMAC Financial Services denied on Wednesday a New York Post report that said it was struggling to sell its troubled mortgage unit Residential Capital, which could lead to another bailout. "The New York Post's story on ResCap is absolute nonsense," spokeswoman Gina Proia said. "At the end of last year, we announced we would evaluate strategic alternatives for ResCap. This week we announced meaningful progress with an agreement to sell the European mortgage operations and assets." A Post spokeswoman said, "We stand by our reporting."