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GMAC-Residential Funding Corp., Minneapolis, unveiled its new first-lien home-equity line of credit product at the Mortgage Bankers Association convention here.
In an interview, Danny Hellams, senior vice president, managing director, said the new product is aimed at "aging baby boomers." This group of consumers will be looking for a way to use the equity they have accumulated in their homes in a liquid fashion, he said.
Furthermore, it can be used to purchase a primary residence....