Executive Change: GMAC ResCap Names Thomas Neary to Senior Management Team

Residential Capital, LLC (ResCap), a wholly owned subsidiary of GMAC Financial Services, announced that Thomas W. Neary has been named 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 Chief Executive Officer 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.”

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. He has also held senior positions with Bank of America and BancBoston Mortgage. Neary is a graduate of Southern Methodist University in Dallas, Texas.

Residential Capital, LLC, an indirect wholly owned subsidiary of GMAC Financial Services, is a leading real estate finance company. ResCap's diversified businesses -- GMAC-RFC, GMAC Mortgage, GMAC Bank, ditech, and Homecomings Financial -- cover the spectrum of the U.S. residential finance industry, from origination and servicing of mortgage loans through their sale or securitization in the secondary market. ResCap operates in selected international markets and also provides capital to other originators of mortgage loans and residential real estate developers.

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