ResCap Loss Mitigation Chief Departs

Javid Jaberi, senior vice president of servicing operations for Residential Capital Corp., Horsham, Pa., has left the company as part of a reorganization, according to a memo provided to MortgageWire. According to an email written by ResCap chief operating officer Tony Renzi, Mr. Jaberi "has made the decision to leave the company to pursue other interests." No further information was provided. Mr. Renzi did not return a telephone call about the matter. According to one executive at the company, who requested his name not be used, Mr. Jaberi had been running ResCap's loss mitigation and collections effort. The source said another servicing official, Ron Poindexter, also has left ResCap. The Renzi memo notes that ResCap executive John Vella "will expand the scope" of ResCap's business operations "to include our non-conforming and special servicing portfolios including responsibilities for all REO functions." ResCap's parent company, GMAC Financial Services, recently received a $5 billion investment from the U.S. Treasury under the Troubled Asset Relief Program.