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GMAC closing Valencia office in mass layoff

Posted: September 4, 2008 7:52 p.m.
Updated: November 6, 2008 5:00 a.m.
The Valencia branch of lender GMAC Financial Services will close its doors today.

Executives of the mortgage and lending giant plan to close all its retail offices and lay off thousands of employees in response to the housing market downturn, they said.

The Santa Clarita offices, located on Town Center Drive, employs eight workers and has been in the local area for about eight years, according to an administrative assistant who declined to give her name. The branch manager had no comment.

The company announced Wednesday that all 200 retail offices are set to close and 5,000 employees will be laid off.

GMAC's mortgage lending division, Residential Capital LLC, known as ResCap, will receive the majority of layoffs. The work force is expected to be reduced by 60 percent, the company said.


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