Graham Williams has resigned as president of ITT Residential Capital Corp., according to well-placed sources.

Mr. Williams declined to comment, but sources say he informed his staff of the move last week. The resignation comes on the heels of a promotion for Mr. Williams. Just two weeks ago ITT announced that he had been tapped to head the newly combined ITT Residential Capital Corp. and ITT Consumer Financial Corp.

Before coming to ITT in 1992, Mr. Williams briefly was head of mortgage banking for Bank of America.

-- James A. Saft

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