GMAC/ResCap Loses Another Top Manager

Bill Petersohn, director of bulk acquisitions and capital market sales for Residential Capital Corp., Horsham, Pa., has resigned from the mortgage banker to take a job with an analytics firm.

Mr. Petersohn is joining MCT Capital Trading, San Diego, as a regional director in charge of sales.

Prior to his departure he managed ResCap's "3-D" correspondent program, which involves ResCap/GMAC acquiring the servicing rights on mortgages that eventually are sold to Fannie Mae.

Recently, according to sources familiar with the situation, ResCap eliminated smaller mortgage correspondents from the program.

A ResCap spokeswoman said the 3-D program "has always been geared toward larger correspondents." She said Mr. Petersohn "is not a senior or executive level manager" at the company and his departure is "unrelated to changes made within the 3-D program." She declined to specify what those changes were.

Recently, ResCap laid off six managers in its servicing department. Just prior to that, Tony Renzi, an executive who oversaw servicing at ResCap, was let go.

A spokeswoman for GMAC Financial Services, the parent of ResCap, said the company's goal in these cutbacks is "to take a look at our cost structure" with the ultimate goal of "preserving value for the mortgage company."

Meanwhile, the IRA Advisory Service, an analytics firm, in a new report, says GMAC could be forced into bankruptcy protection, despite receiving more than $15 billion in federal assistance.

In a report to clients, the Torrance, Calif.-based advisor called GMAC a "bank holding company searching for a business model." A spokeswoman for GMAC said it has no intention of filing for bankruptcy. "The company has taken a series of steps recently to strengthen its capital position," she said.

But IRA is telling its clients it has concerns about GMAC's source of funding: "GMAC has essentially substituted FDIC-insured deposits for commercial paper, and has done so with terms and conditions that allow investors to walk out the door at any time and without penalties."

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