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GMAC US downsizes as credit crunch continues

Staff Reporter 1 minute read

 

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.

Approximately 5,000 employees, or 60 per cent of ResCap’s workforce, will also be retrenched.

ResCap chairman and CEO Tom Marano said the actions were “extremely difficult” but necessary to withstand the challenging environment.

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Published: 05-09-08

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GMAC US downsizes as credit crunch continues
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