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ResCap Closing Offices

ResCap Closing Offices185 total layoffs in 3 states

August 13, 2008

By MortgageDaily.com staff

Residential Capital LLC is closing two offices and eliminating more wholesale and retail positions.

A Worker Adjustment and Retraining Notification filed with the Washington Employment Security Department yesterday indicated 60 employees will be laid off on Oct. 1. The layoffs will occur at a facility in Bellevue.

Company spokeswoman Jeannine Bruin told MortgageDaily.com in an interview that the layoffs involve wholesale positions at the Homecomings Financial LLC unit. The location is being closed and the operations are being shifted to a Dallas facility.

Bruin said another 29 Phoenix retail employees were laid off on Aug. 8 as part of a reduction there “because of a decline in market demand.”

Last week, Michigan’s Department of Labor and Economic Growth was notified that 73 employees would be laid off in Troy beginning on Oct. 3 and concluding by Dec. 31.

Bruin indicated that the number of layoffs in Troy was increased to 80 and involved both retail and Homecomings wholesale employees. She noted the Troy office is being closed and the work being shifted to Fort Washington, Penn.

“At this point we don’t anticipate having to add additional resources in Dallas or Fort Washington,” Bruin stated. “But we’re monitoring the situation.”

Including the Michigan layoffs, 185 jobs are being eliminated in the latest round.

“We need to find the most efficient and streamline model to operate in the current … environment,” she added.

ResCap Layoffs

Date Reported
Unit
Number
August 5, 2008 GMAC Mortgage LLC
73
June 20, 2008 ResCap
470
Oct. 17, 2007
ResCap
3,000
May 4, 2007
Homecomings
313
ResCap
1,000
Jan. 17, 2007
ResCap
1,000
DiTech
undisclosed

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