The plan to recapitalise mortgage company Firstfolio continued to unravel yesterday, when the company announced its interim chief executive had stood down.The interim CEO, Mark Flack, was appointed to the position in July last year as the nominee of IZN Investments ACE Management, which had agreed to invest a minimum of A$39.5 million of equity capital in Firstfolio.Last month, Firstfolio announced that IZN had missed the January 20 deadline for transferring the funds and was unable to say when the funds would be transferred. The Firstfolio board has engaged Grant Samuel Corporate Finance "to consider potential alternative transactions".In the meantime, mortgage lender Resimac, which made an alternative funding proposal to Firstfolio last year, has been buying Firstfolio shares. Last week, Resimac and what appears to be a related party, Somers Ltd, disclosed that they had increased their aggregate holding in Firstfolio from 12.9 per cent to 14.6 per cent.