Barclays Capital researchers examined the effects of GMAC's foreclosure moratorium announcement in a report released today.

Bloomberg reported today that GMAC sent a memo to all brokers that suspends in 23 states all foreclosure activity against delinquent borrowers. Further action was also stopped on all properties where foreclosure has already been implemented. Purchasers of the affected properties will have a 30-day extension of the closing date and were also given the option to cancel the purchase agreement.

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