GMAC stops buuying homes in MASS

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GMAC Picks Up its Marbles in Massachusetts (Update 1) GMAC Mortgage said it will stop buying new loans originated by correspondent lenders in Massachusetts saying mortgage lending in the state were no longer viable. GMAC story updated with comment from Attorney General Coakley’s office.

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GMAC Mortgage, the mortgage lender of Ally Financial Inc., is exiting the vast majority of its lending in Massachusetts a day after the state sued it and other lenders over its allegedly improper.