Residential Capital Corp./GMAC earned $217 million in the first quarter, but its residential originations plummeted by 53%, as the near-closing of its correspondent division weighed heavily.

The Ally Financial mortgage unit funded $8.6 billion of home mortgages during the quarter, compared to $18.4 billion in 4Q11. Industrywide originations fell by about 10% from 4Q11 to 1Q12 but nowhere as much as ResCap’s decline.

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