Posted by mtnotary on 9/5/08 12:17pm
Msg #263271

GMAC

I got this note in my email today. Pretty interesting. I wonder if they will be closing their doors all together.


GMAC to Lay Off About 5,000 Workers
Washington Post (09/04/08) P. D3; Veiga, Alex
GMAC Financial Services plans to reduce the number of employees at its mortgage lending division, Residential Capital (ResCap), by 60 percent due to lingering problems in the mortgage and credit markets. The Fort Washington, Pa.-based unit will lay off about 5,000 workers, including some who work for its Business Capital Group--a unit that originates loans for home builders. GMAC also will shutter all of its 200 retail offices but plans to continue to use such brands as Ditech or GMAC Mortgage Direct to originate and service loans. "We're not going to have a retail presence where customers walk in the door," says spokeswoman Jeannine Bruin, but "we are very much still originating loans and servicing the customer."

Reply by davidK/CA on 9/5/08 1:05pm
Msg #263280

Coming next, a press release about Golden Parachute payments n/m

Reply by Philip Johnson on 9/5/08 1:48pm
Msg #263283

Kinda sad, Homecomings went with it

I always liked closing their loans, they were compact and easily done.

Reply by SanDiegoCA on 9/7/08 5:33pm
Msg #263458

Re: Kinda sad, Homecomings went with it

Per their web site, as of 9/2/08 they have many job openings and seem to be adding some diversity to their business model by moving more to online services from actual brick and mortar outlets.

From the site http://www.jobpath.com/csh/search.aspx?csh=csh_gmacrfc&pubjobs=true&privjobs=true&int=false&cbRecursionCnt=2&cbsid=10787462fb0a4746b8c8749fa2b1c431-274126805-wi-6 - under the "Careers" link :

Job Titles

* Director, Business Portal Services (26)
* Ecommerce Channel Services Director (25)
* Senior Accountant (22)
* Manager - International Securitization (17)
* Contract Manager (4)

Job Type

* Management (118)
* Finance (108)
* Accounting (69)
* Banking (68)
* Marketing (63)

Some of these job types and titles suggest to me that a reorganization is taking place while the entire market undergoes a distinct change, which would seem to be reasonable in light of the market wide issues we have seen since 2/08.