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Home Front

A blog about the economy and the Sacramento-area real estate market.

September 3, 2008
Yes, the GMAC layoffs ARE happening here

 This just in from a GMAC spokesperson:

Regionally, GMAC is closing three offices in Gold River, Yuba City and Stockton and laying off 20 staffers, said GMAC spokeswoman Jeannine Bruin.

 

 Bruin said six employees are being laid off in Gold River, three in Yuba City and 11 in Stockton. Some will be leaving this Friday and others on Friday, Sept. 12, she said.

  Said Bruin, "Loan officers are handing off mortgage applications to loan processors and the processors will be seeing loans through to funding."

 

  She said GMAC will continue to make home loans though its call centers after closing all its retail stores. Likewise, all applications already started will be processed to completion.

 

 Statewide, the lender is closing almost 30 loan centers and laying off 324 employees, Bruin said.  That will leave 663 employees in California, 472 of them still in the mortgage lending business.

 

  "This is not a happy day for us," she said. "It's difficult times in the mortgage business."

 

 More to come in tomorrow's paper

 

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