GMAC Financial Services will be shuttering 200 retail offices and firing 5,000 employees mostly in its Residential Capital mortgage lending business. Last quarter, ResCap lost $1.86 billion — probably because it made loans to such poor candidates, that over 14% were over 60 days late at the end of June. Because of this, 3,000 employees will get their pink slips by the end of the month with 2,000 more soon to follow.

More info: CNN