GMAC owns Homecomings Financial, the number 4 subprime in the nation.
They closed the San Diego subprime servicing site and layed off 400 employees in Jan.
They have delayed their earnings report–hmmm, wonder why?
GMAC finalized the sale of 51% stake in the company to hedge-fund Cerebus in Dec. of 06.
Yesterday, they announced (internally) the firing of Dave Applegate, President of Residential Finance Group (RFG), and Chief Operating Officer of GMAC ResCap, and Eric Scholtz, head of ResCap Capital markets.
So, they have HUGE exposure, big layoffs, and are firing their COO and head of Capital Markets, to be replaced by head managers of the hedge fund that bought them. You make the call…..
