Residential Capital Corp., the parent of the GMAC Residential family of companies, earned $548 million in the second quarter, an 82% improvement over the same period last year.However, the company attributed the strong showing to a $259 million one-time gain when it sold its stake in a regional homebuilding company. Without the sale, its earnings fell 4%. ResCap's mortgage affiliates funded $47 billion in the second quarter, a 10% increase from the level recorded in the second quarter of last year. Earlier this year, Cerberus Capital Management and two partners bought 51% of GMAC. General Motors owns the balance.
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