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GMAC oh my

perfectfireperfectfire
edited September 2008 in Housing Bubble
GMAC Financial Services and ResCap Announce Further Streamlining of Mortgage Operation

Where "streamlining" means "eliminating".
article wrote:
On Sept. 2, 2008, a plan was approved that included closing all 200 GMAC Mortgage retail offices, ceasing originations through the Homecomings wholesale broker channel, further curtailing business lending and international business activities, and right-sizing functional staff support. In addition, the company is evaluating strategic alternatives for the GMAC Home Services business and the non-core servicing business. These collective actions will reduce the ResCap workforce by approximately 5,000 employees, or 60 percent. Approximately 3,000 employees will receive notification this month with the majority of the remaining 2,000 reductions expected to occur by year-end.
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