Residential Capital, LLC announced the resignation of Thomas Marano as CEO of the company. Marano joined the company in August 2008. 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.

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.