Warren Buffett is in talks to purchase GMAC's Residential Capital, according to a report in today's New York Post.
But the story also quotes a source who's "considering buying" ResCap as saying he would be "surprised" if Buffett bought the firm now because its debt is seen as overpriced.
According to the Post: Buffett is "said" to have "large debt positions" in ResCap, along with Appaloosa Management and Avenue Capital.
A GMAC spokeswoman tells the Post, "It's speculation and we don't comment on speculation."
ResCap's web sitecalls the company a "real estate finance company focused primarily in the residential real estate market." Its businesses "cover the spectrum of the U.S. residential finance industry, from origination and servicing of mortgage loans through their securitization on the secondary market."
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