More Layoffs By Subprime Mortgage Lenders

Housing Wire reports that at:

• WMC Mortgage, about half of the company’s national workforce — roughly 750 employees, were given their walking papers on Thursday. For more, see WMC Gutted, Lays Off Half of Workforce.
• GMAC LLC’s Residential Capital, roughly 600 to 700 workers — or five percent of its U.S.-based employees — will be cut loose during the next few months, a GMAC spokeswoman said Thursday. For more, see ResCap To Shed 700 More Jobs Amid Subprime Turndown.

For an interesting look at the current implosion in the subprime mortgage industry, see The Mortgage Lender Implode-O-Meter.

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