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Oh, praise the Lord! Reports from numerous sources indicate Cerebus Capital is close to inking a deal with GM over purchase of a 51% stake in GMAC, GM's finance arm. This is the same GMAC GM has had on the block for months...the same GMAC we've been reporting about for months. So...we'll see if this latest rumor ends up working out. Remember, the deal aint signed until GM's board says it is.

GM close to selling 51 pct of GMAC to Cerebus for 11 bln usd - report [AFX via Forbes]

More on GMAC [internal]