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GoldenTree Asset Management, the $15.7 billion hedge fund specializing in corporate credit, has hired former Goldman Sachs trader Deeb Salem as the firm expands its mortgage-bond team. Salem started at New York-based GoldenTree this week, chief investment officer Steven Tananbaum said. Salem, who left the bank in May, was among the Goldman Sachs traders who […]
After announcing seven new hires last Tuesday, Gleacher & Co. Securities has added two new hires as part of its efforts to strengthen its MBS & rates division. Michael Lanigan will be joining the firm’s Chicago office as managing director, while David Philbin will be part of Gleacher’s New York City office as a director. Prior to joining Gleacher […]
BNY Mellon Capital Markets has recruited an eight-person team of MBS experts from Ally Securities. It has also appointed Dan Mulholland as head of U.S. Treasury trading. The MBS team is led by Dave Piersol as head of MBS sales and Joe Gaziano as head of MBS passthrough trading. According to a release from the firm, Piersol has […]
Due diligence provider Risk Management Group (RMG) said that Charles Cacici has resigned from his position as managing member of the firm. Cacici plans to focus on personal endeavors, according to a statement from RMG. RMG’s team will now be led by fellow RMG partners Joseph and John Cafiero. Both have over 25 years experience within the mortgage industry, […]
Former CMBS strategist for UBS Securities filed complaints with different courts, claiming that UBS and its parent corporation, UBS AG, fired him unjustly. Trevor Murray said he was let go by the investment bank for notifying his supervisors that he was being pressured to release incorrect and misleading research to portray UBS’ products in a […]
Ed DeMarco, acting director of the Federal Housing Finance Agency (FHFA), said Tuesday that struggling borrowers whose loans are owned by Fannie Mae and Freddie Mac will not be allowed to wipe out part of their mortgages under a government program, defying pressure from the Obama administration and top Democratic lawmakers. “Given our multiple responsibilities […]
Knight Capital Group hired Robert Cestari and David Simek for its institutional fixed-income sales and trading group. Cestari has been appointed managing director and head of CMBS and commercial real estate debt trading, while Simeck will join Knight as managing director and head of CMBS sales. Both report to John Welde, managing director and head […]
Babson Capital Management has launched a middle market lending group, the Springfield, Mass.-based investment management firm said. The firm said the Middle Market Lending Group would enable it to offer a full suite of middle market financing products to complement its mezzanine and private equity group. The group will focus on private equity portfolio companies […]
Gleacher & Co. Securities, a broker-dealer subsidiary of Gleacher & Co., hired seven professionals to the MBS and rates division in its New York City office. Glen Riis and Samir Shah have been hired as managing directors while Eric Baeri, Samuel Hernson, David Kaplan, Anthony Mun, and Jeffrey David Weaver have joined as directors. Riis, […]
Kenneth Margala has been hired as director at Cantor Commercial Real Estate (CCRE) where he will focus on loan origination. Margala was previously executive director at UBS Investment Bank where he focused on CMBS, bridge and mezzanine transactions. Prior to this, he was a real estate consultant for several financial institutions at the Federal Deposit Insurance Corp. […]
Citigroup plans to cut roughly 350 additional jobs this year from its securities division, which includes investment banking and trading, according to published reports. The reduction equals about 2% of the unit’s staff. The financial services giant previously disclosed plans to eliminate 1,200 jobs from the division. Citigroup, which has cutback its presence in mortgages, […]
The American Securitization Forum (ASF) wrote a letter to the San Bernardino County Board of Supervisors that stated that the proposed plan to use eminent domain to seize residential mortgages would be “poor public policy and unconstitutional.” The county and the cities of Ontario and Fontana have formed a Joint Powers Authority to consider a […]
WASHINGTON — Twelve Democratic senators have called for a U.S. investigation into any role banks and regulators may have played in the scandal over the London Interbank Offered Rate. The senators, led by Sen. Jack Reed of Rhode Island, made their request in letters Thursday to Treasury Secretary Timothy Geithner, other members of the Financial […]
THL Credit Advisors, the credit affiliate of private equity firm Thomas H. Lee Partners, acquired a credit group from McDonnell Investment Management. THL purchased the alternative credit strategies business from McDonnell. James Fellows, Brian Good, Robert Hickey and Michael Herzig have joined THL Credit Advisors capital market investment business to lead the THL Credit Senior […]
McDermott Will & Emery has hired structured finance attorney Perry Sayles to its New York office as a partner in its financial institutions advisory practice group. Sayles was previously a partner in the New York office of Freshfields Bruckhaus Deringer and spent considerable time in its London and Hong Kong offices. Aside from his work in traditional corporate […]
While testifying before the House Subcommittee on Capital Markets and Government Sponsored Enterprises today, American Securitization Forum (ASF) Executive Director Tom Deutsch advised policy makers to thoroughly analyze how the implementation of the Dodd-Frank Act’s various rules will cause cumulative harm to the securitization market. In a release published today, ASF singled out one regulation in […]
WASHINGTON — In its first year of operation, the Consumer Financial Protection Bureau (CFPB) has already proved to be one of the busiest regulators in Washington. The agency has released a consumer complaint database as well as a prototype credit card agreement written in plain language, and launched the first federal program overseeing nonbank lenders. […]
Countrywide‘s VIP program not only benefited numerous members of Congress, but also assisted a handful of Capitol Hill staffers and Department of Housing and Urban Development (HUD) Secretary Alphonso Jackson as the mortgage lender built a large web of political influence prior to the financial crisis, according to a congressional report released Thursday. The Republican staff […]
Over the past 18 months, KB Home experienced a “great deal of disruption” as Bank of America (BofA) and MetLife curtained their lending mortgage activities, according to the builder’s president and chief executive. “While it’s difficult to quantify the full impact of the disruptions, there is no question it affected our business significantly,” said CEO […]
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