Gmacrfc (uk) On The Northern Rocks

SPON_DOOLIES

gmac rfc(uk) the american derived mortgage provider yesterday announced 200+ redundancies at their Bracknell offices.One year ago they had 500+ staff which was cut by about half 7 months ago.An redundant member of staff known to me yesterday said only around 45 staff are destined to remain and that the uk operation looked like closing inevitably.Undoubtedly will have knock on effects & send further gloomy ripples through this sector.If your finances are through them seek further information.

Dan_Collins_2

More will follow in that market. Rooftop is closed or closing.

I think RBS could be in trouble, Woolwich have only got a few Billion left then they have run out of money to lend!

bigblag1

my finances are through gmac so where would i look for further info. because i am sure if i was to ask them i would not get the right answers

cooper2110

I'd only be worried if they owed you money. As it's more likely the other way around, just wait and see. I'm sure existing loans will be fine.

UK007BullDog

Cooper2110 you need to read up on the sticky and the correct signature. Not sure if anyone has told you yet as you are new here and its just a friendly heads up.

bijouinnuendo

Hi
GMAC RFC had 900+ before last September.Made approx 200 redundant. Announced last week consultations to begin on another 280 redundancies, I believe that leaves approx 400+ staff left. This doesn't count all other staff who also work for GMAC Rfc and parent co or IO staff who also work at GMAC Rfc from time to time, Believe me they are still up and running and lending!

Bijou

HelpWhereIcan

Dan_Collins wrote: »

More will follow in that market. Rooftop is closed or closing.

Closed on Friday

Dan_Collins wrote: »

I think RBS could be in trouble,

Seriously? Because of a rights issue?

Dan_Collins wrote: »

Woolwich have only got a few Billion left then they have run out of money to lend!

The exact opposite of what I have been told. Barclays commercial have been asking me to let them have all my borderline cases (not adverse though) as they are actively looking to lend.

My Woolwich BDM has not had his targets reduced or ignored like many of his competitors. Woolwich at a Network Seminar last week proclaiming that they were still looking to lend.

If you have info that indictates they are in trouble I can't wait and will be buying BTLs without mortgaging to the hilt as a market THAT illiquid would be great.

Distressed sales would be easier as we would see lenders accepting short settlements just to free up cash. Repossessions en Masse boosting the demand for rental would mean that LLs would have a captive market and be able to pick and choose tenants.

TBH if RBS and Barclays stop lending we are ALL in deep do do - customer and broker alike.

The demise of GMAC (if/when it happens) would be a shame from a certain point of view (service/innovation), but I was never that reliant on them or Rooftop for my business so will bid them and the other Yanks a fond farewell until they're back in 5/10 years begging for our business again.

The Yanks fled in the 1990s, will do so again this time. Let's just hope that the Chinese give them a run for their money in the next market.