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Layoffs at ResCap Unit

GMAC Mortgage to cut 73 positions

August 5, 2008

By MortgageDaily.com staff

A subsidiary of Residential Capital LLC is laying off more than 70 employees.

GMAC Mortgage LLC plans to layoff 73 people in Troy, Mich.

The Fort Washington, Penn.-based unit disclosed the layoffs in a Workers Adjustment and Retraining Notification notice to Michigan's Department of Labor and Economic Growth on Friday. WARN notices are required 60 days before an employer plans to layoff at least 50 people.

GMAC Mortgage, which was created with the acquisition of Colonial Mortgage Service in 1985, said the layoffs are anticipated to begin on Oct. 3 and finish by Dec. 31. The job cuts are permanent.

"Certain employees may be offered the opportunity to transfer to other employment with the company," the WARN notice said.

A spokeswoman for the company, which operated 300 offices and branches as of March 2007, declined to comment.

ResCap and its affiliates have eliminated nearly 6,000 jobs since last year.

ResCap Layoffs
Date Announced
June 20, 2008 ResCap
May 4, 2007

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