OTHER NEWS - June 20, 1994

GMAC to Cut 15% of Jobs in Mortgage Units: General Motors Acceptance Corp. confirmed that it plans to cut about 500 of the 3,300 jobs in its mortgage units as the industry shrinks in response to rising interest rates. The cuts will be spread among the 122 offices of the General Motors Corp. unit’s mortgage business during the next several months, GMAC Mortgage Corp. said. The greatest effect will be at GMAC Mortgage headquarters in Philadelphia. GMAC Mortgage closed about $8.1 billion in loans to nearly 70,000 customers last year.