Homecomings AKA ResCap (Residential Capital LLC) the child of GMAC Financial Services calls it quits today and has exited the Wholesale mortgage game. ResCap will stop originating through its wholesale lending subsidiary, shut down 200 retail offices and lay off 5,000 employees in the process.
The restructuring was approved Tuesday, parent GMAC Financial Services announced today.
The statement indicated that all 200 GMAC Mortgage retail offices will be closed.
Effective 5 p.m. eastern time on Thursday, September 4, 2008, ResCap's Homecomings Financial, LLC wholesale division will no longer accept new loan submissions.
You will be dearly missed and Big up to my A.E. Mike “too Much” Trombley
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