GMAC US downsizes as credit crunch continues

GMAC Financial Services and subsidiary ResCap yesterday announced in Fort Washington dramatic initiatives to “optimise” the business as “the downturn in the credit and mortgage markets persists”.

Among the measures announced, the company said it would close all 200 GMAC Mortgage retail offices and cease originations through its Homecomings wholesale broker channel.

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Written by Staff Reporter

Last Updated: 09 March 2022

Published: 05 September 2008