Thomas Marano has resigned as CEO of Residential Capital (ResCap), but the company says he will remain involved with ResCap as a member of the board of directors.
Marano joined the company in August 2008 and led a significant restructuring of ResCap's servicing and origination business. He established new underwriting criteria and introduced new servicing protocols designed to strengthen the company's domestic origination and servicing business. During his tenure, ResCap performed nearly 1 million mortgage modifications and originated approximately $200 billion in new residential mortgage loans.
In May 2012, ResCap filed for bankruptcy, and Marano thereafter guided ResCap through successful bankruptcy asset sales to Ocwen Loan Servicing LLC, Walter Management Investment Corp. and Berkshire Hathaway Inc. He will stay with ResCap as an outside director in order to facilitate a transition for the bankruptcy estate.