GMAC, ResCap – lose $4.3 billion and layoff 5000 people
Written on September 03rd, 2008 in Job Losses
This is just one of our articles referencing the financial crisis, crash of the housing market, subprime, and more:
Further proof that the subprime mortgage fiasco is still with us appeared today as GMAC dropped a bomb. GMAC Financial Services and its Residential Capital subsidiary plan to close all 200 GMAC mortgage retail offices nationwide, and cut the ResCap work force by 5,000 employees, or 60 percent. Workers say the field is already saturated, making it difficult to find another job with the same skill set. Many people expected the layoffs sooner.
ResCap, a large subprime-mortgage lender that lost $4.3 billion last year, will incur a charge expected to range from $90 to $120 million that reflects the 3,000 workforce.
More Mortgage Crisis Articles Like This One
- Mortgage Blues Hit GMAC (ResCap) and Cerberus
- GMAC finally closes subprime facility, GM card may be next
- Barclays and HSBC manage to lose $6 billion
- WMC, Residential Capital Saw 3500 Layoffs
- Financial services layoffs and job losses worst ever this year
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