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GMAC Pulls Out

By: Lonn Dugan
Sunday, October 28, 2007 9:53 AM

GMAC apparently pulled out of Ohio and several other states this last week.  Our market is so bad they want nothing to do with new loans. 

Those already in underwriting will be closed according to one loan officer I spoke to.  His office was dropped - with no advance notice.  

Loan officers were informed at 10 AM that they no longer had jobs - effective immediately.

Anybody have details or know how many states are involved?

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Comments

Gregory Bain
Member Since '03

Gregory Bain said:

I used to do BPO's for GMAC until they fired me. Seems my numbers were always too low for their re-fi market. Anyway, Bank of America, Wachovia, Chase and many other lenders are doing fine. Thanks for your input. Bad business model's normally fail when the going gets tough.

October 28, 2007 9:43 AM
Jay & Francy Thompson REALTORS®
Member Since '05

Jay & Francy Thompson REALTORS® said:

3000 job cuts according to this press release on 10/17.

http://www.gmacfs.com/us/en/about/media/index.html

Doesn't say exactly where.

Interesting considering today's news they they may be playing a significant role in bailing out England's troubled lender Northern Rock.

"You're fired, but we're going to spend bazillions to bail out a European lender."  Nice.

Helps remind me of why I got out of corporate America. I remember walking out laid-off employees -- right through the lobby that was filled with new hires....

October 28, 2007 3:41 PM
Todd Rivers - Broker/Owner
Member Since '04

Todd Rivers - Broker/Owner said:

I just read that a GMAC branch here in Florida was bought out by a Prudential firm. I wonder what is up.

October 28, 2007 3:49 PM
Scott McClain
Member Since '06

Scott McClain said:

I don't anything about the GMAC deal. But in my FAR newsletter earlier in the week Bank of America stated that they are going to be "exiting the wholesale mortgage business" and 700 jobs will be lost there.

Read the story here...

http://www.floridarealtors.org/NewsAndEvents/n3-102607.cfm

October 29, 2007 1:09 AM
Karen Weger
Member Since '05

Karen Weger said:

hmmm. no wonder.........

October 29, 2007 7:53 PM

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Lonn Dugan
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Lonn Dugan
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