After that deal, Marano spent three years running ski-resort-owner Intrawest Resorts Holdings Inc., reaping $33 million when the company was sold, a regulatory filing showed.
A year later, in 2018, Marano was hired as CEO of Ditech, also struggling before he arrived. Within two months he was shopping Ditech for a potential sale. It filed for bankruptcy last February, selling its servicing rights for about $1 billion to New Residential Investment Corp. That firm is run by Michael Nierenberg, another Bear Stearns alum who had worked closely with Marano as co-head of mortgage-backed securities trading.
Ditech’s assets included the servicing rights for at least four pools of mortgages that were packaged and sold to investors by Bear Stearns in 2003 and 2005, when Marano was heading up the unit.
“These are 30-year loans, so you are going to have some subset of them that are still around,” said Marano. Subprime loans were under 4% of Ditech’s balance sheet in 2018, he said.
Marano earned a $500,000 bonus for executing the sale and then stepped down from Ditech on October 11. He said he has no immediate career plans.
--With assistance from Claire Boston and Yalman Onaran.
This article was provided by Bloomberg News.