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Mon May 21, 2012
According to an investors’ slideshow, Residential Capital LLC (ResCap), the lending unit of The General Motors Acceptance Co.), will be reducing its exposure to nonprime loan originations.
The company said, even though ResCap moved away from nonprime lending in 2006, it still had substantial exposure to the market when the fallout hit during the fourth quarter. GMAC representatives said their losses were confined to those areas exposed to nonprime.
During the presentation, GMAC also expressed confidence in its ability to weather through the many changes in the mortgage lending market.
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