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Thomas Swartz Retires From CAIT

SAN FRANCISCO-Richard Wrensen, who became CEO of the company just as its investments in non-conforming residential mortgages began to sour, will replace Swartz as chairman of the board.

By Brian K. Miller | Updated on March 11, 2008

SAN FRANCISCO-Thomas B. Swartz has resigned as chairman of the board of directors for Capital Alliance Income Trust Ltd., a specialty residential lender organized as a real estate investment trust. Chairman since the company was founded in 1993 and its chief executive until 2006, Swartz says he is simply retiring and that no disagreement exists with either CAIT’s board of directors or its management.

Swartz replacement as chairman will be the company’s chief executive, Richard J. Wrensen. Wrenson became chief executive at the end of 2006. The appointment coincided with the tumultuous decline in the value of the company’s primary asset, non-conforming residential mortgages in California, which were assembled by a former manager of the company.

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