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ResCap CEO Tom Marano Resigns; Remains a Member of the Board of Directors



  ResCap CEO Tom Marano Resigns; Remains a Member of the Board of Directors

Business Wire

NEW YORK -- May 06, 2013

Thomas Marano has resigned as CEO of Residential Capital, or ResCap. Marano
joined ResCap in August 2008. ResCap, then the fifth-largest servicer of
residential mortgage loans in the United States and a leading mortgage loan
originator, predictably suffered during the financial crisis. From 2008 to
2011, Marano implemented a significant restructuring of ResCap’s servicing and
origination business, which required the disposition of various non-strategic
foreign and domestic business lines and portfolios. Marano established new
underwriting criteria and introduced new servicing protocols designed to
strengthen the company’s domestic origination and servicing business. During
his tenure, ResCap was a leader in facilitating mortgage modifications for
troubled borrowers. Nearly 1 million homeowners received mortgage
modifications, and ResCap originated approximately $200 billion in new
residential mortgage loans.

Like many others in the mortgage industry, ResCap faced considerable
regulatory and litigation exposures. In 2012, parent company Ally withdrew its
support for ResCap due to, among other things, rep-and-warranty liability
concerns, which liabilities were created during the 2005 through 2007
origination years. In May 2012, after having pursued various strategic
alternatives, ResCap filed for bankruptcy. Marano guided ResCap through
successful bankruptcy asset sales to Ocwen Loan Servicing, LLC, Walter
Management Investment Corp. and Berkshire Hathaway Inc. These asset sales
generated proceeds in excess of $4 billion dollars, and preserved 3,750 of
3,900 U.S.-based jobs. Marano has agreed to stay on as an outside director of
ResCap in order to facilitate a smooth transition for the bankruptcy estate,
while he pursues other interests. The ResCap estate also will benefit from
having Tammy Hamzehpour, former general counsel, working closely going forward
on restructuring and wind down matters with Chief Restructuring Officer Lewis
Kruger. Hamzehpour will function as ResCap’s Chief Business Officer.

Contact:

Rubenstein
Alex Stockham, 646-251-3736
astockham@rubenstein.com
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