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photo, Robert Meachum
The merger and acquisition activity GMAC Bank and GMAC Residential Funding have seen recently has strengthened the company in ways that it will share with its mortgage industry clients, according to Robert Meachum, managing director of the correspondent lending channel.
Mr. Meachum said that's the main message he wants to impart to the company's clients at the Mortgage Bankers Association's National Secondary Market Conference this year. (The company is a large "Diamond" sponsor of the conference.)
"Each of the two prior entities had their own strengths that they brought to the marketplace. GMAC Bank was a very strong player in prime and [alternative-A credit] products and GMAC Residential Funding [was a very strong player in] nonprime/nonconforming products,"...