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GMAC ResCap - Closing Mortgage Offices and Slashing Jobs

Posted:Sep. 03, 2008
02:05 PM

Residential Capital, LLC (ResCap) the home lending subsidiary of GMAC Financial Services announced today the closing of all GMAC Mortgage retail offices and their Homecomings wholesale mortgage arm. ResCap will cut 5,000 jobs or 60 percent of the mortgage workforce.
GMAC ResCap Fell Far
Reuters reports,
“ResCap was the seventh-largest U.S. mortgage lender from January to June, making [...]

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