Those waiting for a big break between GM and GMAC will likely be disappointed, as it looks as if the auto company is pursuing a piecemeal approach to divesting itself of the lending organization. GMAC sold off another $20B in auto loans today, following a larger sell-off of $55B a few months ago.

What's interesting is this quote from GMAC's CFO: "It allows us to redeploy capital to our growing mortgage and insurance businesses while supporting our important strategic mission of selling GM's high quality cars and trucks." If I'm reading the first part of that sentence correctly, it would appear that GM is implying that it's currently able to make more money on mortgages than it is on auto loans (of course, auto loans had long ago replaced auto manufacturing and sales as GM's source of profit), and so that's where it wants to put its money.

GMAC Financial Services offers consumers vehicle financing, mortgage lending, real estate services, auto and homeowner insurance, banking, and investing services. They also offer a range of business products and services including commercial vehicle financing, commercial credit lines, accounts receivable servicing, e-commerce, or structured finance, construction financing, mortgage services, and insurance.

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