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GMAC LLC, the former financing unit of General Motors Corp., is closing its U.K. High Street Home Loans unit and cutting 200 jobs because of "unprecedented volatility" in global credit markets.

The lender is a unit of GMAC-RFC in Bracknell, England, which makes prime and so-called non-conforming secured loans that don't meet standard bank lending criteria.

"The market will be smaller, especially in the non- conforming space -- that's a reality," Simon Knight, GMAC-RFC's chief executive officer, said in the statement. "While the majority of our business is in the prime space, we are not immune to the unprecedented volatility in the global credit markets which lenders have been facing."

Morgan Stanley last week cut mortgage jobs in Britain after record U.S. foreclosures sapped demand for bonds secured by home loans. Yields on U.K. mortgage-backed notes have soared to as much as 90 basis points over benchmark rates compared with 17 basis points in July, according to Societe Generale SA.

General Motors in Detroit sold a majority stake of GMAC last year to a group led by Cerberus Capital Management LP.

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