US CREDIT-GMAC spread widening may be opportunity

Newswire

By Neil Shah NEW YORK, Feb 23 (Reuters) - GMAC's credit spreads were seen on Friday as unlikely to widen further on subprime mortgage worries, which may mean now is a good time to sell insurance on the finance firm's debt. The cost of insuring bonds issued by GMAC, the former finance arm of General Motors Corp. , jumped this week on concerns about the subprime mortgage sector, where Residential Capital Corp., GMAC's mortgage finance holding company, operates. "I think we're close to ...

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