Tuesday, January 16, 2007

ResCap cuts 1,000 jobs,cites tough mortgage market

Looks like more pain and credit tightening from Reuters :


DETROIT, Jan 16 (Reuters) - ResCap, the holding company for the real-estate financing business of GMAC, said on Tuesday it would cut 1,000 jobs -- about 7 percent of its work force -- in a cost-cutting triggered by a slack U.S. housing market.

ResCap said it would incur a charge of about $10 million as a result of the job cuts, but expected to save $65 million in 2008 as a result of the reduction in its payroll.

The company said in a filing with U.S. securities regulators that it would cut 800 jobs by October and eliminate another 200 unfilled positions. The majority of the jobs would be cut in the first and second quarters of this year, ResCap said.

General Motors Corp. (GM.N: Quote, Profile, Research) completed the sale of a 51 percent stake in GMAC to an investor consortium led by Cerberus FIM Investors LLC in November.
A GMAC spokeswoman said the parent company had begun an effort to integrate ResCap more closely about a year ago in a bid to cut costs across its lending operations.
In its filing with the SEC, ResCap cited slower mortgage originations, a weakening trend for U.S. home prices and weakness in the sub-prime sector of the lending market as reasons for the job cuts.

"Now that we are a stand alone company, we continue to look at these kinds of opportunities to better utilize our resources," GMAC spokeswoman Gina Proia said.
ResCap had about 14,000 employees before the job cuts, Proia said

3 comments:

Perfect Storm said...

“It’s deception,” said Michael Lyon, president of Sacramento, Calif.-based Lyon Real Estate and a board member at MetroList Services, one of the largest MLS databases on the West Coast. “Anytime you reset something to make it look newer, better, you’re trying to deceive someone.”

Now here is a realtor telling other realtors that they are deceptive. Lets look up the word deceptive "Tending to deceive; having power to mislead, or impress with false opinions; as, a deceptive countenance or appearance".

So this is what deceptive means and if realtors relist then they are deceptive. Well that is just another reason to call realtors dirty little lying rats, who will say and do anything for a commission. Little rats, nothing more than a rat.

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