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Posted AT 1:10 PM EST on 03/09/08

GMAC to cut 5,000 jobs at mortgage unit

Reuters

NEW YORK — — GMAC LLC said Wednesday it plans to cut 5,000 jobs at its Residential Capital LLC mortgage unit, or 60 per cent of that work force, and shut its 200 GMAC Mortgage retail offices to combat persistently weak housing and credit markets.

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