by Calculated Risk on 9/03/2008 12:51:00 PM

"Conditions in the mortgage and credit markets have not abated and, therefore, we need to respond aggressively by further reducing both operating costs and business risk."
ResCap Chairman and Chief Executive Officer Tom Marano

Press Release: GMAC Financial Services and ResCap Announce Further Streamlining of Mortgage Operation (hat tip Brian and Alain)

On Sept. 2, 2008, a plan was approved that included closing all 200 GMAC Mortgage retail offices, ceasing originations through the Homecomings wholesale broker channel, further curtailing business lending and international business activities, and right-sizing functional staff support. In addition, the company is evaluating strategic alternatives for the GMAC Home Services business and the non-core servicing business. These collective actions will reduce the ResCap workforce by approximately 5,000 employees, or 60 percent.
emphasis added

And the beat goes on ...