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May 6 (Reuters) – Residential Capital LLC Chief
Executive Thomas Marano has resigned as the mortgage subsidiary
of auto lender Ally Financial Inc works its way out of
bankruptcy.
Marano, who joined ResCap in 2008, will remain as a member
of the board. He had headed the mortgage department at now
defunct investment bank Bear Stearns.
ResCap filed for bankruptcy in May 2012 to protect its
parent from mortgage liabilities that threatened to swamp the
company. Ally is 74 percent-owned by the U.S. government after a
series of bailouts.
