GMAC stops buuying homes in MASS

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On Friday, GMAC Mortgage, the mortgage origination and servicing operation of Ally Financial Inc., announced that it would stop purchasing mortgage loans from the third party in Massachusetts.

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Tens of thousands of mortgage customers will be entitled to compensation after the city watchdog fined a lender for hammering those in arrears with excessive charges. GMAC-RFC, which used to be the tenth largest mortgage provider, based on new lending in 2006 and 2007, has been fined a whopping 2.

GMAC Mortgage, whose parent Ally Financial Inc. was among banks sued Thursday by Massachusetts Attorney General Martha Coakley, said Friday it will stop buying new Massachusetts mortgages in the.

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