ResCap Nabs Capital Markets Vet from Wells Fargo
Residential Capital, LLC -- the troubled mortgage arm of GMAC Financial Services -- said Monday that it had hired Thomas Neary as executive vice president and senior managing director of capital markets for the company. Neary will report directly to ResCap non-executive chairman Thomas Marano and ResCap CEO Jim Jones. "Tom is a great addition to the ResCap senior management team," said Marano. "His leadership and vision will allow us to leverage our core strengths to navigate the current market environment." Marano has been moving quickly to build a team of well-known industry veterans at the troubled subprime giant, which recently saw more than $60 billion in new and refinanced credit negotiated to save it from the bankruptcy heap. Industry insiders have suggested that various ResCap entities are aggressively moving to unload mortgage loans as the firm looks to reduce its overall exposure to the still-problematic U.S. mortgage market. Neary brings more than 25 years of capital markets, mortgage banking, and real estate finance experience to ResCap. Prior to joining the company, Neary served as executive vice president and head of mortgage capital markets for Wells Fargo & Company (WFC). He has also held senior positions with Bank of America and BancBoston Mortgage. For more information, visit http://www.rescapholdings.com. Disclosure: The author held no positions in WFC when this story was originally published. HW reporters and writers follow a strict disclosure policy, the first in the mortgage trade.