GMAC to cut about 3,000 jobs in mortgage unit (The Charlotte Observer)

Story date: 2007-10-18 12:07:40
Added on: 2007-10-18 07:49:01

LOANS GMAC Financial Services said on Wednesday it would cut about 3,000 jobs, or 25 percent of the work force, at its Residential Capital LLC mortgage operation. It blamed the cuts on "sharp downturns in the U.S. residential real estate markets and the global dislocation of the mortgage finance and credit markets."ResCap employs about 12,000 people after cutting 2,000 jobs earlier this ...


Read more...

Related Stories:

• UPDATE 2-GMAC to cut 5,000 jobs at ResCap mortgage unit - Reuters

  NEW YORK, Sept 3 (Reuters) - GMAC LLC plans to eliminate about 5,000 jobs at its Residential Capital LLC mortgage unit and...
  2008-09-03 12:55:00

• GMAC Mortgage to close offices, cut 5,000 jobs - Philadelphia Inquirer

  GMAC subsidiary Residential Capital L.L.C. in Fort Washington said today that it will eliminate 5,000 jobs in its residential mortgage operations. Details...
  2008-09-03 10:10:00

• GMAC ResCap to Offer Mortgage Relief to Customers Affected By ...

  Forbes - ... diversified affiliates and businesses -- GMAC-RFC, GMAC Mortgage, LLC, Ditech, GMAC Bank, GMAC Real Estate, and Homecomings Financial,...
  2007-10-25 09:06:00

• GMAC plans major job cuts (Detroit News)

  MAC Financial Services said it is cutting 5,000 jobs at its troubled Residential Capital mortgage lending subsidiary and will close all 200...
  2008-09-03 10:16:24

• GMAC may cut more ResCap jobs, sees refi "boom"

  Reuters - NEW YORK, Feb 5 (Reuters) - GMAC Chief Financial Officer Robert Hull said the finance company's Residential Capital LLC mortgage...
  2008-02-05 12:38:00

• GMAC will slash 930 jobs

  Detroit News - GMAC made $1.5 billion on auto loans last year, but turmoil in the mortgage business more than wiped out...
  2008-02-20 09:52:00

• Moody's reviewing GMAC rating

  CNBC - Residential Capital, like many other mortgage lenders, has been hit hard by rising delinquencies and defaults, especially among subprime mortgages...
  2007-11-27 04:49:00

• Mortgage lender to cut staff 25% (CNN Money)

  Residential Capital LLC, the home lending arm of the former General Motors finance unit GMAC, announced it is cutting 3,000 jobs, or...
  2007-10-17 06:52:17