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Lenders in the NewsGMAC mortgage unit to cut 3,000 jobs | 2007-10-17Residential Capital LLC, the mortgage unit of GMAC Financial Services, said on Wednesday it will eliminate 3,000 jobs, or 25 percent of its work force, to cope with the U.S. housing downturn. The second-largest independent U.S. mortgage lender, after Countrywide Financial Corp, said the cuts will include a range of administrative and managerial positions, and most affect business units that have suffered from lower lending volumes. 2007-10-17 Source: Reuters Full Story
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