Report: GMAC shutting offices

There is some late news out of GMAC LLC, the troubled auto loan and mortgage lender co-owned by General Motors and Cerberus Capital Management. According to Bloomberg, it will close three-fourths of its auto financing offices around Canada and the U.S. Only one of four Canadian facilities will remain open, as well as only four of 16 in the U.S.

Cerberus, if you recall, recently admitted to having "significant concerns" about its GMAC investment, according to a leaked letter to shareholders that the Wall Street Journal obtained.