NEW YORK (Reuters) - GMAC LLC said on Wednesday it plans to cut 5,000 jobs at its Residential Capital LLC mortgage unit, or 60 percent of that work force, and shut its 200 GMAC Mortgage retail offices to combat persistently weak housing and credit markets. GMAC also plans to stop offering home loans through its Homecomings broker channel, and is evaluating strategic alternatives for its GMAC Home Services and noncore mortgage servicing businesses. It said it keep offering mortgages “where there is a secondary market to sell the loans.” The cutbacks suggest deepening problems for GMAC’s owners. A group led by private equity firm Cerberus Capital Management LP bought a 51 percent stake from General Motors Corp in 2006. The automaker owns the remaining 49 percent. More
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September 3rd, 2008 at 2:47 pm
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September 4th, 2008 at 2:09 am
[…] GMAC to cut 5000 jobs at mortgage unitNEW YORK (Reuters) - GMAC LLC said on Wednesday it plans to cut 5000 jobs at its Residential Capital LLC mortgage unit, or 60 percent of that work force, and shut its 200 GMAC Mortgage retail… […]