ResCap To Shed 700 More Jobs Amid Subprime Turndown

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 · ResCap’s loss for the year was a stunning $4.3 billion — a swing of more than $5 billion from its $705 million profit in 2006, before the housing boom ended and.

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 · A foreclosure sign hangs in front of a home. Foreclosure rates are up in part because of the explosion subprime mortgages. (Photo by Joe Raedle/Getty Images) The 3,000 job cuts at Residential Capital, or ResCap, as it’s widely known, represent one-quarter of the company’s workforce. GMAC spokeswoman.

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 · NEW YORK – Residential Capital LLC, the Bloomington-based home-lending unit of GMAC Financial Services, should have moved faster to cut its.

GMAC ResCap, Inc. was a residential mortgage loan originator and servicer. As a result of its exposure to subprime lending during the subprime mortgage crisis, the company filed for bankruptcy protection in 2012 and underwent liquidation in December 2013.. History. In 1982, Residential Funding Company LLC was formed as a subsidiary of Northwest Bank.

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 · Ally Financial Inc’s mortgage unit on Monday filed for bankruptcy and the auto lender said it will sell some international operations to help it get on a path to repaying US$12-billion in bailout.

 · ResCap and its affiliates, including Ally Bank, were collectively the 10th-largest originators of residential loans in the U.S. last year, at $56.3 billion. Quicken is the No. 1 lender locally.

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Economy Sheds Most Jobs Since 2003 Mortgage lender ResCap to eliminate 1,000 jobs – Inman –  · Slower originations, deterioration of subprime sector cited. What you need to know to start your day with all the latest industry developments

Time for your weekly cheat sheet on this week’s most important stories. Canadian Real Estate Canada Has A Subprime Real Estate Problem, You Just Don’t Know It Most people know the US real estate crash started with subprime lenders. Most don’t know most defaults were people with good credit, using subprime lenders.