ResCap Cuts 5,000 Jobs, Announces Further Moves to Streamline
September 12, 2008
The efforts to keep GMAC Financial Services’ Residential Capital afloat after losses continued to mount in the second quarter took a new turn last week, when the company announced a fresh plan to further streamline its mortgage operations, including eliminating about 60 percent of its workforce. Under the latest plan, all 200 GMAC mortgage retail offices will be closed, the...