Bad mortgages in its Rescap subsidiary are dragging down the carmaker's entire operations, even though GM owns only 49% of GMAC.

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Still, completing the ResCap deal, which is subject to bankruptcy-court approval and bids from other potential buyers, is key, Mr. Fandetti said.

WSJ: Nationstar to Buy $10.4 Billion in Mortgage-Servicing Rights from BofA

Rescap has that smell.

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