ResCap names former Bear Stearns exec as chairman

Marano, the former senior managing director and head of mortgage and asset-backed securities at the investment bank, replaces Michael Rossi, who resigned as chairman in March citing medical reasons.

In addition, ResCap said Joshua Weintraub, a former senior managing director with Bear Stearns' global mortgage operations, and James Young, ResCap's chief financial officer, were elected to its board.

Marano and Weintraub also were named to the board's executive committee. The new board members will replace departed members Eric Feldstein, Sanjiv Khattri and Paul Bossidy, ResCap said.

ResCap also said it's looking for two additional independent directors to replace Thomas Jacob and Thomas Melzer, who left its board earlier this week.

ResCap posted a fourth-quarter loss of $921 million, marking its fifth straight quarterly loss. Losses skyrocketed from write-downs on credit residuals and mortgage-backed securities, restructuring charges and higher funding costs.

GMAC is majority owned by Cerberus Capital Management LP, with General Motors Corp. the minority owner.