Cerberus

Cerberus/GM-Owned GMAC Cuts Retail Mortgage Ops

According to a Reuters report: GMAC plans to cut 5000 mortgage jobs and shut 200 retail mortgage offices. GMAC LLC said on Wednesday it plans to cut 5,000 jobs at its Residential Capital LLC mortgage unit, or 60 percent of that work force, and shut its 200 GMAC Mortgage retail offices as it combats weak