GMAC Suspends Stand Alone 2nd Loans

GMAC has suspended its stand alone second product line, effective 3/4.  No word on loans in process.  My question, what took so long?  These loans have to be going bad by the bunches, and the ones still performing are probably doing so in a negative-equity environment. Second mortgages, especially those at LTVs above 75% are in a precarious position and lenders who want to stop the bleeding need to cut these products out of their lines or risk further downside exposure. After taking billions in losses and making large-scale layoffs in their ResCap unit, I'm surprised it took GMAC this long. We'll have more as we learn more.