WMC, Residential Capital Saw 3500 Layoffs

WMC Mortgage, owned by GE, gave 30 day notices to 250 or so employees, rather than terminating them on the spot. That brings the current number of layoffs at the Burbank-based lender to more than 1,500 of the company’s original 2,000 or so employees. In other news Residential Capital, the mortgage unit of GMAC LLC said it was terminating about 1,000 positions in addition to a previous round of 1,000 layoffs from January.