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Gmac-rfc To Close High Street Home Loans, Cutting Over 200 Jobs

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These jobs won't be missed.

http://www.moneymarketing.co.uk/cgi-bin/item.cgi?id=151734

GMAC-RFC to close High Street Home Loans, cutting over 200 jobs

Tanya Powley - 09-Oct-2007

GMAC-RFC has announced - during today's pre-budget report - that it will be closing its sub-prime subsidiary High Street Home Loans and cutting around 266 jobs.

GMAC-RFC corporate relations manager Julie Gaskin says it informed staff of the changes at 3pm today and will now enter a 90-day consultation period.

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Didn't think this woud hit HPC until tomorrow.

2 UK lenders down now - Victoria and High Street Home Loans..... watch this space things may SWIFTly get worse :ph34r:

Like your style - very "quick".

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A few more ....

http://www.mirror.co.uk/news/money/city/20...89520-19925769/

Credit crunch costs 300 jobs

10/10/2007

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* More City

Two mortgage firms have axed more than 300 jobs as a result of the global credit crunch.

Gmac, which specialises in home loans for self-employed workers and landlords, will axe 266 jobs and close its high street business.

Meanwhile, broker Blackandwhite.co.uk is seeking 50 voluntary redundancies amongst its 200 staff.

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A few more ....

You're just making these up out of spite, aren't you ;)

WAP's been convincing us on another thread that the economy's doing great for a decade; high employment, no interest rate shocks, great business environment. Strangely enough his graph of rates and your graph of manufacturing production jobs show a similar trend. You could probably draw another series showing reserve bank capital injection against employment trends in the capital goods sectors (over the same timespan).

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A few more ....

http://www.mirror.co.uk/news/money/city/20...89520-19925769/

Credit crunch costs 300 jobs

10/10/2007

Related Articles

* More City

Two mortgage firms have axed more than 300 jobs as a result of the global credit crunch.

Gmac, which specialises in home loans for self-employed workers and landlords, will axe 266 jobs and close its high street business.

Meanwhile, broker Blackandwhite.co.uk is seeking 50 voluntary redundancies amongst its 200 staff.

good broker black and white, you did notice Advantage owned by Morgan Stanley have slashed their work force by approx. 50%. :( There's another large broker I know of creaking as we speak, too much into non conforming were sheduled for a 100mil float this time last year :blink: now I'd put there value at less than a mil. Very good at being first with leads and having a 25-30% conversion rate, however, even if there is demand for what they have been selling there will not be product and even the product may not be able to be sold off (assuming there are folk barmy enough to sign away their lives at Micheal Bentine styel rates rates) :blink: and for companies such as this they'll not be able to alter the success of their business model quick enough, they have to let folk go. Oh and I expect Firstplus to go..no ifs no buts just stop donig what it does :ph34r:

Edited by Converted Lurker

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Lots of brokers have been shedding staff... but these companies are like 100 people strong at most so you don't get to hear about them in the mainstream media so much.

Aaprt from those already mentioned above which other sub prime lenders do people see having trouble?

On a seperate note, though i don't see trouble as such for them, Investec must be kicking themseleves for purchasing Kensington

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Lots of brokers have been shedding staff... but these companies are like 100 people strong at most so you don't get to hear about them in the mainstream media so much.

Aaprt from those already mentioned above which other sub prime lenders do people see having trouble?

On a seperate note, though i don't see trouble as such for them, Investec must be kicking themseleves for purchasing Kensington

I heard on the news today that Delia and Mr Delia are going to be selling their shares in NCFC to a sub prime broker that is supposed to be worth hundreds of millions of pounds.

If I were her, I would hurry up in case he offers them a shares only deal in his company. :)

I would imagine Investec are going to take a big hit on Kensington. (or Peckham Mortgages, as they should really be called).

If they were really interested in a debt factory for their CDOs, they would have done better to wait, ooh about 6 weeks, and picked it up for a 10th of the price. Oh well it will hit their bottom line and put a few city boys out of work, so it is a double benefit.

Incidentally I knew someone at Kensington and their ex chairman did a lot of work for homeless people with Shelter.

We thought it was great that he liked to keep in touch with all his ex customers. :D

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