Real Estate Central

Vella joins ResCap to head Special Operations

FORT WASHINGTON, Pa., Aug. 11 /PRNewswire/ — Residential Capital, LLC
(ResCap), a wholly owned subsidiary of GMAC Financial Services, has hired
John A. Vella as senior vice president and managing director of ResCap’s
Mortgage Special Operations business.

Mortgage Special Operations provides subservicing and asset management
for high risk loans in the United States, Canada and the United Kingdom.
ResCap is strategically expanding this business to align with a growing
demand from hedge funds, investment bankers and other institutional
investors for mortgage servicing and loss mitigation of their loan
portfolios.

ResCap has appointed Vella to lead the enhancement of the Special
Operations business, working closely with Thomas Donatacci, senior managing
director of ResCap’s Fee-based Servicing business. Enhancements include
augmenting ResCap’s Special Operations support team, and making additional
investments in the company’s industry-leading servicing platform to more
precisely align with the complex requirements of institutional clients.

Vella will be based in California and will report to ResCap Chief
Operating Officer Tony Renzi.

“We are very pleased to have John join our ResCap management team,”
said Renzi. “John has an extensive background in mortgage banking and the
management of distressed asset portfolios. We are looking to John to direct
a strategic expansion of our extensive servicing offerings to meet the
needs of the current marketplace.”

ResCap views the servicing of distressed assets as a key growth area
for the company. There is a strong demand by third-parties to leverage the
cost and operational efficiencies gained from using subservicers.

Vella has more than 24 years in the mortgage industry, including senior
management experience at Household Automotive, Option One Mortgage, Freddie
Mac and the FDIC. Prior to joining ResCap, Vella served as president and
chief executive officer of EMC Mortgage, a subsidiary of JP Morgan Chase
responsible for the operations and management of an $85 billion servicing
portfolio.

About Residential Capital, LLC

Residential Capital, LLC, an indirect wholly owned subsidiary of GMAC
Financial Services, is a leading real estate finance company. ResCap’s
diversified businesses 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.

To learn more about GMAC Mortgage’s Special Operations servicing
solutions, visit us on the web at http://www.gmacsolutions.com or call us at
1-877-300-4622.

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[Via Real Estate Newswire]