GMAC LLC’s Residential Capital home-lending unit will let go of roughly 700 workers — or five percent of its U.S.-based employees — as a continued subprime credit crunch has nearly every lender in.
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· ResCap and its affiliates, including Ally Bank, were collectively the 10th-largest originators of residential loans in the U.S. last year, at $56.3 billion. Quicken is the No. 1 lender locally.
The city saw the number of foreclosure starts in May fall 65 percent year-over-year, Experts are urging Americans to refinance in.ResCap To Shed 700 More Jobs Amid Subprime Turndown ResCap To Shed 700 More Jobs Amid Subprime Turndown – GMAC LLC’s Residential capital home-lending unit will let go of roughly 700 workers – or five percent of its U.S.-based employees – as a continued subprime.
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· The debt of GMAC and ResCap, however, is likely to be more volatile and ResCap will need to stem losses from subprime mortgages in order to avoid being downgraded into junk territory.
Ally Will Give Mortgage Lending Another Try, CEO Says. Jim Henry;. That’s a significant development considering subprime mortgages nearly bankrupted the company when that bubble burst, leading up to the Great Recession.. “Don’t think of this as Ally going down the road of the old GMAC or old ResCap,” Brown said.
· The majority of the layoffs are slated for GMAC’s mortgage lending division, Residential Capital LLC, known as ResCap, and will reduce work force at the unit by 60 percent, the company said.
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· The failure calls into question the management and health of Cerberus’s other loan plays. Cerberus owns a majority stake in GMAC and its mortgage subsidiary rescap. Thanks to the credit crunch, the ratings agencies have downgraded ResCap, thus making it more.
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