GMAC offers new US mortgage product for immigrants

Newswire

NEW YORK, July 30 (Reuters) - GMAC Mortgage on Wednesday said it was offering a new type of loan targeted at immigrants, in a bid to protect revenues by reaching out to underserved borrowers as overall mortgage demand shrinks. With the new loan, borrowers will be able to prove their credit-worthiness through their employment status, and utility and rent payment history for at least the last 12 months, said Rick Gillespie, chief marketing officer at GMAC Mortgage in Horsham, Pennsylvania. ...

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