Tony Renzi, a 24-year veteran of GMAC Mortgage and its affiliates, has been forced out of his position as chief operating officer and president, according to company employees who work under him.

A spokeswoman confirmed to National Mortgage News that Renzi is departing effective March 2 due to "streamlining efforts" and that his duties have been given to others at GMAC, which oversees Residential Capital Corp. (ResCap)

The company declined to elaborate but issued a statement saying, "Tony has made valuable contributions in the mortgage lending and servicing business during his tenure with the company and we thank him for his many years of service."

One employee said he and others at GMAC/ResCap were informed of his departure early in the morning "and even though they said his last day" will be in early March, he has not been at the company since Feb. 5 or so. Over the years, Renzi helped build GMAC's servicing business into one of the largest in the nation.

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