GMAC exploring sale of parts of ResCap

Separately, ResCap said GMAC management plans to recommend a new capital infusion to ResCap.

GMAC, 49 percent owned by General Motors Corp (NYSE: - ), said it has expressed interest in buying a large non-U.S. mortgage lending institution. Its goal would be to combine ResCap's local mortgage business with the acquired institution. GMAC did not disclose the name of the lender.

Shares of GM rose 4.5 percent to $27.47 after the announcement but later slipped back to $26.66, up 37 cents.

Earlier this month, ResCap posted a $2.6 billion loss for the third quarter, which led to a $1.6 billion loss at GMAC. Buyout firm Cerberus owns 51 percent of GMAC.

Like many lenders, ResCap has struggled as falling home values and rising interest rates have made it tougher for many homeowners to keep up with mortgage payments.

During the third quarter, GMAC injected $1 billion into ResCap. Analysts and investors have questioned how long GMAC will be willing to support the mortgage lender.

GMAC and ResCap said they continue to explore options to improve ResCap's liquidity, such as acquisitions, asset sales, alliances and joint ventures.

The companies said they had hired advisers to explore the sale of certain parts of ResCap's operations, but there are no binding contracts or agreements in place.

GMAC said it submitted a second-round non-binding indication of interest to buy a non-U.S. mortgage lender, but other parties are pursuing the same acquisition.

ResCap said it had launched a cash tender offer to buy up to $750 million of its debt. The purchase of the notes at a discount, and the retirement of the debt, would increase ResCap's income in the fourth quarter, it said.

Several of ResCap's credit facilities contain a financial covenant requiring ResCap to maintain a minimum consolidated tangible net worth at the end of each fiscal quarter.

As of September 30, ResCap had net worth of $6.2 billion, which was above the $5.4 billion required by its lending agreements.

(Reporting by Jessica Hall; Editing by Jeffrey Benkoe and John Wallace)