ResCap (GMAC) to lay of 5,000 (of ~8,000)

GMAC Mortgage Unit to Dismiss 5,000, Shut 200 Offices [Bloomie]

“Egan, who has a junk rating on GMAC debt, estimates the company may need to raise at least $10 billion to avoid failing in the next two quarters. With the mortgage unit struggling to originate loans and the auto-finance unit losing money, he doesn’t expect them to stay solvent.”

These are dark days my friend.

“They call it The American Dream, because you have to be asleep to believe it.” -George Carlin


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