GMAC Res-Cap Waterloo employees learning their fate - KWWL - Eastern Iowa Breaking News, Weather, Closings

GMAC Res-Cap Waterloo employees learning their fate


Dozens of people in Waterloo may now be out of a job.  Last fall, we told you Ocwen Financial had purchased GMAC Mortgage Res-Cap's holdings for $3 billion.  Today, we're told GMAC employees are learning their fate.

Ocwen Financial is set to take control of GMAC's assets February 1 .  Since Ocwen won the bid to purchase GMAC in October, many people working for the company feared for their jobs.

That's because Ocwen has a history of shipping jobs overseas, including locations in India and the Virgin Islands.

Multiple sources tell us that employees are receiving letters today, telling them whether they will be keeping their current job, continue as a transitional employee, or be let go.  Additional sources say at least 40 employees are being laid off between now and January 31.  Further layoffs could follow, but those details remain unclear.

GMAC is estimate to have almost a thousand people at its Waterloo location.

Previously, Ocwen Financial told KWWL the company was committed to retaining a "substantial portion" of the existing Res-Cap employees at various facilities nationwide.  So far today, the company has not returned calls or e-mail requests for comment.

Stay with KWWL for the latest on this developing story.




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