GMAC LLC, the General Motors Corp financing affiliate that received a government bailout, said its mortgage unit is hiring 1,000 people to handle a surge in re-financings and jumbo loans. Earlier this year, GMAC said there was substantial doubt about the ability of the mortgage unit, Residential Capital LLC, to survive, after roughly US$10B of losses over nine quarters as the number of bad loans and foreclosures soared. But GMAC said that since it got a US$6B federal bailout in December and became a bank holding company, it has benefited from a pickup in deposits and low mortgage rates.
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