GMAC Inc., a finance company that is 56% owned by the U.S., has hired Goldman Sachs Group Inc. to help with the sale of its unprofitable Residential Capital mortgage unit, according to a published report.
A story in Friday's New York Post cited a person familiar with the matter as saying it was becoming increasingly likely that Warren Buffett's Berkshire Hathaway Inc., which already owns some ResCap debt, might buy the mortgage lender.
A GMAC spokeswoman declined to comment.
The top five banks and thrifts have combined total assets of nearly $13 trillion.
The two regional banks are anticipating that borrower demand will increase in the back half of the year. High interest rates and economic uncertainty have been muting the appetite for borrowing.
In a letter to Treasury Secretary Janet Yellen last week, the Massachusetts senator highlighted the growing use of cryptocurrencies by malicious organizations abroad and underscored the need for anti-money-laundering and counterterrorism provisions in future proposals.
Brendon Falconer, finance chief of the Indiana company since 2019, faces felony child molestation charges. But CEO James Ryan says management is focused on the CapStar integration and organic growth.
The banking-as-a-service middleware provider will be acquired by TabaPay. Other middleware providers may be forced to evolve or face the same fate.
Institutions and their investors are facing pressure from climate activists, cautiously awaiting interest rate cuts and adjusting to new Federal Reserve and FDIC policies.
