NEW YORK (CNN/Money) - General Motors Corp. is in talks to sell its commercial mortgage unit in a deal that could bring the embattled auto maker $1 billion or more, according to a published report.

The Wall Street Journal reported Wednesday that GM (Research) is interested in keeping a significant stake in the business even after a sale. The unit collects payments on more than $247 billion in mortgages on properties ranging from health care facilities to golf courses, according to the paper.

"There was some interest expressed on the part of multiple parties to invest in our commercial-mortgage business. We're in discussions with those parties," GM spokeswoman Toni Simonetti told the Journal. "We are amenable to equity partners, but GMAC's intention is to maintain a significant equity interest in this business."

The Journal said GM had been close to selling the unit last year to Deutsche Bank AG, but that deal was never completed and GM expressed a willingness at that time to hang onto the Philadelphia-based unit.

But GM is now looking to improve its cost structure and stem losses. Proceeds from a sale could go to debt reduction and help it avoid a downgrade of more than $300 billion in debt.

Last week the company announced it expected to lose $1.50 a share in the current quarter, rather than break even or post a narrow profit as previously expected.

GMAC, the company's overall finance unit, has been an important driver of profits for GM in recent years, producing more earnings than its core auto operations. GM lost $194 million on its auto operations in 2004 before income taxes, equity income and minority interests, while GMAC earned $803 million on that basis.

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