GMAC Trims Mortgage Business Staff
GMAC Financial Services made cuts this week in an attempt to trim operational costs. GMAC let go fewer than 100 employees company-wide across its business segments, including fewer than 10 cuts within the company’s mortgage operations. “The head count reduction is part of an effort to streamline operations and reduce costs toward a goal of restoring the company to financial health,” a GMAC spokesperson told HousingWire. GMAC Residential Capital (ResCap), the fifth largest servicer in the nation, operates GMAC’s residential mortgage business, including the GMAC Mortgage and Ditech brands. ResCap’s executive vice president and senior managing director, Thomas Neary, resigned at the end of July. Write to Diana Golobay.