GMAC Cuts More Than 500 Jobs in Mortgage, Auto Finance Units

" Employees are being told today about plans to cut 313 positions at Residential Capital LLC’s offices in Costa Mesa, California and Charlotte, North Carolina, according to GMAC spokeswoman Gina Proia. The Charlotte mortgage office will be shut, while Costa Mesa will retain about 30 people, she said. The Semperian auto-loan servicing offices in Charlotte and Knoxville, Tennessee will close, cutting 241 jobs, she said.

GMAC may report an annual loss tomorrow of more than $10 billion for 2009 after mortgage defaults piled up at ResCap. Investors have pressed GMAC to stop supporting the home lending unit, whose Costa Mesa office houses Ditech, GMAC’s online mortgage lender. Proia declined to comment on ResCap’s future before the release of quarterly results."