GMAC’s ResCap to cut 1000 Jobs
I’m adding a post on this based on the connection to all my recent posts on Mortgage Lenders Network. Claiming deterioration of the the sub-prime market, a cooling housing market, and slower originations (well if you don’t have the loans from MLN that might just slow your originations!) as a reason Residential Captial, LLC or ResCap will reduce their workforce by 800 jobs and not fill 200 open positions. They expect to incur about $10 million in severage and related expenses related to the cuts.
Article on job cut announcement.
Article on MLN ResCap link.
Technorati Tags: GMAC, Residential Capital LLC, ResCap, Job Cuts, Mortgage Lenders Network, MLN
