Bill Armstrong's letter (Mortgage Strategy August 30) asks for clarification regarding GMAC-RFC's name. The letters stand for General Motors Acceptance Corporation, Residential Funding Corporation. GMAC is the financial arm of General Motors (which at last count included Vauxhall, Opel, Saab and Daewoo) and the RFC bit identifies its mortgage activity.
No doubt someone from GMAC(colloquially) will tell Bill but as an ex-employee (and also to prove I read your excellent magazine) I'm doing my bit to help a fellow broker.
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