Loss Mit Chief Joins Fannie

Washington-Javid Jaberi, a former senior vice president of servicing in charge of loss mitigation for Residential Capital Corp., has joined Fannie Mae, industry sources told Mortgage Servicing News.

Late last week, a Fannie official confirmed his hiring but could not offer any information about his exact duties.

However, a source close to Mr. Jaberi said part of his new job will include oversight of the nation's "mega-servicers" which sell loans to and service them for Fannie. One of those servicers might possibly include ResCap which ranks fifth nationwide with a $365 billion portfolio of receivables.

Mr. Jaberi, who will work out of Fannie's Dallas office and commute from his home in San Diego, left ResCap late last year amid a company reorganization.

ResCap, which is struggling to survive, is a subsidiary of GMAC Financial Services and is 51% owned by hedge fund giant Cerberus Capital. Automaker General Motors owns the balance.

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