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October 19, 2007
GMAC to Cut Jobs in Mortgage Unit
Continuing problems in the mortgage industry and housing market have prompted GMAC Financial Services to eliminate 3,000 jobs in its mortgage unit, Residential Capital (ResCap). The move, which will cut about a quarter of ResCap's worldwide staff, is part of GMAC's efforts to restructure its mortgage business as market conditions change. Meanwhile, Countrywide Financial said its plan to slash 20 percent of its workforce, announced in early September, will force the company to take a pretax charge of up to $150 million.
Posted by S. Germain at October 19, 2007 08:03 AM