ResCap To Cut 3,000 Jobs

The fallout from the mortgage meltdown continued today as ResCap, a division of GMAC Financial Services, announced that it will be restructuring its mortgage operations. The restructuring will result in the loss of 25% of its 12,000 person workforce, or 3,000 jobs total. Rescap has stated that the majority of these layoffs will occur in the fourth quarter of 2007.

"We deeply respect and value all of our associates. While workforce reductions are very difficult, we will treat our departing associates with sensitivity in keeping with our values," said Jim Jones, ResCap chief executive officer.

Read the full press release here.