FORT WASHINGTON, Pa. - Residential Capital, LLC (ResCap), a wholly owned subsidiary of GMAC Financial Services, announced on July 22, 2008 that Joseph A. Pensabene has been named executive vice president and chief servicing officer, responsible for primary, fee-based, master servicing and record services. Pensabene will operate from ResCap's Fort Washington, Pa. offices and report directly to ResCap Chief Operating Officer Tony Renzi.
"Joe is a talented and experienced leader who will do an outstanding job in further enhancing ResCap's industry leading servicing operation, which currently supports over three million customers," said Renzi. "He will work to further strengthen our capabilities as we focus on delivering industry-leading service, value and performance to our customers and investors." Pensabene has been with ResCap and its predecessor companies for 12 years, previously serving in a variety of executive positions in corporate finance, servicing and lending, most recently as a senior vice president and managing director of consumer services operations. Prior to joining ResCap, he held senior positions at Alliance Bank and Deloitte & Touche, LLP. Pensabene is a graduate of Lehigh University and a CPA.
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.