May 6 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.