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by CareyBot

General Motors will sell a 51 percent stake in General Motors Acceptance Corp., better known as GMAC, to a consortium led by Cerberus Capital Management for approximately $14 billion in cash over three years, with an estimated $10 billion by closing, GM said today. GMAC is the troubled auto manufacturer's finance arm, and is its most profitable unit. GM said the consortium buying the stake includes Cerberus Capital, a private investment firm, and includes Citigroup and Aozora Bank Ltd. GMAC's subsidiaries include GMAC Insurance and GMAC Mortgage. GMAC Mortgage originates single-family and commercial real estate loans, invests in mortgage-backed securities, and packages nonconforming single-family home loans for sale to investors. The deal ends six months of negotiations but the amount pa...