Tag Archives: President

RTC Oversight Board President and Senior Vice President, Peter Monroe and Lloyd Chaisson, Issued the Following Statement Today

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Tampa, FL (PRWEB) September 23, 2008

“The RTC (Resolution Trust Corporation) was created in 1989 by Congress as a federal agency to close failed Savings and Loan Associations and sell their assets at the highest value. Proceeds from sales were used, along with Congressional appropriations to pay all obligations to federally insured depositors Thousands of Savings and Loan (S & L) executives and directors were convicted. No S & L shareholder received a penny of taxpayer dollars. Innovative techniques such as the securitization of commercial mortgages were created to achieve the highest “net present value” for all assets sold. RTC was never a “bailout” in the sense of going beyond explicit federal guarantees. When the job was done, the RTC closed its doors–forever.

In 1993, it was thought that higher capital standards for all financial institutions, tighter asset appraisals and the experience of the S&L crisis itself would help prevent a reoccurrence of a financial crisis caused by mortgage defaults. Now we find ourselves, yet again, mired in a mortgage-driven crisis. However this one, if not soundly managed, could saddle future generations with unprecedented debt.

We offer this discussion of “lessons learned” from our RTC Oversight Board leadership roles in the spirit of “those who do not understand history are doomed to repeat it”. At the same time, much of the work of the RTC should be repeated. We caution officials not to act so precipitously as to replace the last 20 years of government paralysis with panic. Notwithstanding the extreme nature of the current financial crisis, “doing it right” is the most important thing that can be done. If Treasury and Congress get this wrong because of unbridled haste to “do something”, the implications are far more serious than anyone can imagine. It will take years to unwind any poor decision making.

We believe that the following ten principles must guide the current federal response:

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Andrews Kurth Partner Patrick C. Sargent Named President of CMSA, 2009-2010

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New York (Vocus) June 10, 2009

Commercial Mortgage Securities Association is pleased to announce the succession of Patrick C. Sargent as President of CMSA for June 2009-June 2010. He follows Christopher Hoeffel, who served as President this past year and whose term concludes during CMSA’s 15th Annual Convention, now being held in New York.

Pat Sargent is a partner with Andrews Kurth LLP and a member of the Real Estate and Structured Finance and Securitization practice groups in the firm’s Dallas office.

“I’m honored to serve as President of CMSA for the upcoming year, a time I see as our market’s ‘recovery year,'” Mr. Sargent said. “While challenges remain, it’s clear that CMSA is the effective voice for the industry in outlining its views to advance the needs of the members it serves. I see CMSA and its membership as pivotal in bringing strength, reliability and stability back to our industry,” he said.

“Alongside Pat, I wish to sincerely thank Chris Hoeffel for his thoughtful and remarkable leadership during our market’s many challenges this year,” said Dottie Cunningham, Chief Executive Officer, CMSA. “Chris’ stewardship of CMSA through last fall’s acute turmoil in the U.S. financial markets through his work in guiding our members through the many facets of these relief efforts remains instrumental to our mission, and all of us owe Chris a large debt of gratitude.” she said.

“I also join Chris in welcoming Pat as our President,” Ms. Cunningham continued. “Pat is one of the industry’s most experienced, committed and respected leaders in commercial mortgage finance. On behalf of CMSA’s members, all of us look forward to working with him as we begin this year filled with opportunity, recovery and success,” she said.

Pat Sargent has represented participants in every facet of U.S. and international securitization and structured finance transactions, including commercial mortgage loan originators and loan sellers, issuers, investment banks, servicers, borrowers, investors, and rating agencies. Pat is a member of the Board of Governors of CMSA and also serves on the Board of Governors for the Mortgage Bankers Association and the Board of the Chartered Realty Investor Society. He is also a frequent speaker and writer on commercial real estate finance issues.

Pat received his Bachelor of Science degree in accounting from Kansas State University, where he graduated Phi Beta Kappa, and his law degree from Southern Methodist University School of Law, where he served as editor of the Southwestern Law Journal.

Commercial Mortgage Securities Association, the international trade association dedicated to promoting the ongoing strength, liquidity and viability of commercial real estate capital market finance, acts as a legislative and regulatory advocate, playing a vital role in setting industry standards for the global commercial mortgage markets.

Unlike many trade organizations, CMSA is a collective voice, representing the full range of the industry’s market participants: large money-center and investment banks, rating agencies, insurance companies, traders, B-piece buyers and investors.

With more than 270 member companies globally, and with a presence in Europe, Japan and North America, CMSA is dedicated to insightful, forward-thinking research and industry initiatives that encourage vision, innovation and continuous professional growth for market participants. CMSA is committed to being responsive to its members, providing them with a culture of collaboration, collegiality, open and inclusive dialogue, consensus building and respect for diverse views.

Media Relations:

For CMSA: Kenneth Reed, kreed (at) cmsaglobal.org, 212-589-0961

For Andrews Kurth: Ashley Nelly, ashleynelly (at) andrewskurth.com, 713.220.4410

About Andrews Kurth LLP

For more than a century, Andrews Kurth has built its practice on the belief that “straight talk is good business.” Real answers, clear vision and mutual respect define the firm’s relationships with clients, colleagues, communities and employees. With more than 400 lawyers and offices in Austin, Beijing, Dallas, Houston, London, Los Angeles, New York, The Woodlands and Washington, DC, Andrews Kurth represents a wide array of clients in all areas of business law. For more information about Andrews Kurth, please visit http://www.andrewskurth.com.

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G. Edward DeSeve, Special Advisor to President Obama on Economic Stimulus Package to Speak as Keynote at Wharton Finance Conference 2009

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Philadelphia, PA (PRWEB) November 15, 2009

Mr. DeSeve currently serves as Special Advisor to President Obama for American Recovery and Reinvestment Act implementation. He reports directly to Vice President Joseph Biden as an Assistant and acts as a Senior Adviser to the Director of the Office of Management and Budget, Peter Orszag.

Mr. DeSeve has also held senior posts at all three levels of American government. At the federal level he was:

William Soady Appointed As President Of Bluestone America

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Los Angeles (PRWEB) February 19, 2010

On October 9, 2009, William Soady was appointed President of Bluestone America, a corporation specializing in asset management, asset based project securitization and funding and alternative funds acquisition. Having been with Bluestone for over a year, Mr. Soady has strengthened the company at a time when the organization is experiencing rapid growth and transition due to sustained high demand for securitized funding, and asset management services; states Charles Nam CEO.

Mr. Soady attended UC Santa Barbara, UC Berkeley and UCLA. Having established his own successful business, Xiron, Inc., Mr. Soady negotiated a series of multi-year development and strategic partnership agreements with Johnson & Johnson Medical and other Fortune 500 companies, ultimately reaching an annual sales figure of over $ 20,000,000 with 140 employees.

Soady remarked, “I am delighted to have been given the post of President at Bluestone America as we embark on a new financial year. I look forward to the opportunities and challenges that will arise as the company diversifies and grows. These are exciting times for the business, management and staff.”

The scope of Mr. Soadys business career includes co-founding RDL Holdings, which provided proprietary strategies for institutional and high net worth clientele. He later went on to becoming General Manager for Global Financial Services where he was successful in meshing Global into a variety of business sectors which included Real Estate Development, Financial services, Insurance and other investment products.

Mr. Soady brings over 30 years of experience in areas which include Medical, High-Tech, Telecommunications, Commercial Real Estate, Insurance & Annuities, Banking & Lending, Management and Marketing. William Soady holds multiple insurance and real estate licenses in a number of key states. He was influential in establishing Longevity Asset Fund Portfolios as a secure and profitable instrument for both the individual and institutional investors, domestic and abroad.

Charles Nam, Bluestone’s CEO, commented on this new appointment, I would like to offer William my personal congratulations on his new role. His unfailing commitment and pioneering work has been serving the company extremely well. We are currently going through an important phase in our expansion and I’m confident he will continue to make a valuable contribution during this stage and to the continuing success of the company.

Emerging Payments Technologies, Inc.: Mr. Steven Kietz Expands Role as Chief Revenue Officer; and Mr. Eric Gelb Assumes Senior Vice President of Business Development

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Secaucus, NJ (Vocus/PRWEB) March 22, 2011

Emerging Payments Technologies Inc., creator of the alternative payment solution CredEx

Former Freddie Mac Senior Vice President Joins The Collingwood Group As Special Advisor

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(PRWEB) July 27, 2011

The Collingwood Group announced today that it has retained Manoj K. Singh as a Special Advisor, working with the Collingwood Group to bring his unique expertise in risk management along with his senior level experience on Wall Street. In his new role, Dr. Singh will work with The Collingwood Group to further help clients navigate the business opportunities that exist in Washington as a result of the housing crisis.

Dr. Singh has a lengthy and strong background in Financial Services. Most recently Senior Vice President of Pricing and Securitization (Single Family) and, before that, Senior Vice President, Head of Market Risk Management for Freddie Mac, he worked closely with the credit guarantee business, managed the profitability of the Single-Family Credit Guarantee business, identified key drivers of credit risk, and developed recommendations for the corporate costing models, creating strategies to expand and improve Freddie Macs mortgage securities funding alternatives and overseeing its cash execution program. His primary responsibilities included pricing the guarantee fees under Freddie Macs Mortgage Backed Securities Program and the issuance of pass-thru as well as structured securities. In addition to Single-Family Sourcing, Dr. Singh worked closely with Credit Management, Investments & Capital Markets, Credit and Counterparty Risk Management, and Operations.

Prior to joining Freddie Mac, Dr. Singh held executive-level positions with Bear, Stearns & Co (Senior Managing Director, FAST Group), Lehman Brothers, Inc. (Senior Vice President, Risk Management), and Wasserstein Perella Capital Management (Vice President, R&D). His thirteen years of experience with Wall Street provided him with the knowledge to help investors pursue mortgage and real estate assets while enabling them to identify the true risks and value of their targets. His career started in academia, as Assistant Professor of Finance at Boston College.

We are delighted to welcome Manoj to The Collingwood Group team, said Tim Rood, a Partner with The Collingwood Group The Collingwood Group announced today that it has retained Manoj K. Singh as a Special Advisor, working with the Collingwood Group to bring his unique expertise in risk management along with his senior level experience on Wall Street. In his new role, Dr. Singh will work with The Collingwood Group to further help clients navigate the business opportunities that exist in Washington as a result of the housing crisis.

Dr. Singh has a lengthy and strong background in Financial Services. Most recently Senior Vice President of Pricing and Securitization (Single Family) and, before that, Senior Vice President, Head of Market Risk Management for Freddie Mac, he worked closely with the credit guarantee business, managed the profitability of the Single-Family Credit Guarantee business, identified key drivers of credit risk, and developed recommendations for the corporate costing models, creating strategies to expand and improve Freddie Macs mortgage securities funding alternatives and overseeing its cash execution program. His primary responsibilities included pricing the guarantee fees under Freddie Macs Mortgage Backed Securities Program and the issuance of pass-thru as well as structured securities. In addition to Single-Family Sourcing, Dr. Singh worked closely with Credit Management, Investments & Capital Markets, Credit and Counterparty Risk Management, and Operations.

Prior to joining Freddie Mac, Dr. Singh held executive-level positions with Bear, Stearns & Co (Senior Managing Director, FAST Group), Lehman Brothers, Inc. (Senior Vice President, Risk Management), and Wasserstein Perella Capital Management (Vice President, R&D). His thirteen years of experience with Wall Street provided him with the knowledge to help investors pursue mortgage and real estate assets while enabling them to identify the true risks and value of their targets. His career started in academia, as Assistant Professor of Finance at Boston College.

We are delighted to welcome Manoj to The Collingwood Group team, said Tim Rood, a Partner with The Collingwood Group. We have advised our clients that the watershed moment of asset sales is upon us and his unique expertise will be invaluable to our private equity and hedge fund clients looking to buy or sell mortgage and real estate assets”.

Brian Montgomery, Vice Chairman of The Collingwood Group, agrees. Manoj brings a unique set of skills to our company and our clients that will further enhance our competencies in providing an integrated mix of high level business advisory services. His involvement with our firm will supplement our already wide range of proficiencies in assisting our financial services clientele.

Dr. Singh received his Bachelors Degree from the Indian Institute of Technology in Kanpur, and both his Masters of Science Degree and his Ph.D. from Purdue University. His has published numerous research publications, and is a frequent presenter at industry conferences. He has refereed journals such as Management Science, Journal of Financial and Quantitative Analysis, Journal of the American Real Estate and Urban Economics Association, and Journal of Financial Research, and was a book reviewer for the Journal of Finance. He and his family live in McLean, Virginia.

About The Collingwood Group

The Collingwood Group (http://www.collingwoodllc.com) is a Washington, DC-based business advisory firm focused on growing clients businesses, promoting revenue growth and increasing investment returns. The firm is led by Joe Murin, former President and CEO of Ginnie Mae, and Brian Montgomery, former Assistant Secretary for Housing and Federal Housing Commissioner. Both played major roles in the federal governments efforts to address the nations financial crisis and restore stability and liquidity to financial markets. The firms expertise spans all aspects of Agency, non-Agency and FHA/VA housing financing programs; Ginnie Mae securitization activities; domestic and international secondary market activities and issues; primary and special servicing; full asset lifecycle vendor and talent management; and all elements of portfolio due diligence, acquisition, property management and asset disposition.

Contact:

Debra Kaufmann

The Collingwood Group

dkaufmann(at)collingwoodllc(dot)com

o: 202.626.9724

m: 301.252.3582

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Former Freddie Mac Executive Vice President & Chief Credit Officer Joins the Collingwood Group as Senior Advisor

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Washington, DC (PRWEB) October 18, 2011

The Collingwood Group announced today that it has retained Ray Romano as Senior Advisor, working with the Collingwood Group to bring his unique expertise and executive leadership in the areas of risk management for consumer and multi-family mortgage products. Romano is a mortgage finance industry veteran with more than 26 years of wide-ranging experience in the areas of credit risk, operations risk, mortgage servicing, financial management, strategic planning, and capital markets. In his new role, Romano will work with The Collingwood Group to further help clients navigate the business opportunities that exist in Washington as a result of the housing crisis.

Romano has a lengthy and distinguished background in Financial Services. Most recently he served as executive vice president and chief credit officer at Freddie Mac. Prior to joining Freddie Mac, where he began as senior vice president of Credit Risk Oversight, Romano held executive level positions with Washington Mutual (SVP chief credit and risk management officer Home Loans Group), North American Mortgage Company (SVP chief credit & compliance officer, Mortgage Banking), and Dime Savings Bank of New York, FSB (VP director of Underwriting Operations). Early in his career, he was assistant manager of CitiCorps North American Investment Bank in New York and Assistant Supervisor, Residential Lending Operations with The Dime Savings Bank of New York, FSB.

Ray brings strong leadership and valued expertise in an area that is highly needed in todays mortgage market, said Brian Montgomery, vice chairman of The Collingwood Group. His involvement with our firm will supplement our already wide range of proficiencies in assisting our financial services clientele.

Tim Rood, a partner with The Collingwood Group, agrees. We are delighted to welcome Ray to The Collingwood Group team. His vast experience in risk and credit management will help us to even further enhance the benefits that The Collingwood Group brings to our clients.

Romano received his Bachelors Degree in finance and economics from Long Island University.

About The Collingwood Group

The Collingwood Group (http://www.collingwoodllc.com) is a Washington, DC-based business advisory firm focused on growing clients businesses, promoting revenue growth and increasing investment returns. The firm is led by Joe Murin, former President and CEO of Ginnie Mae, and Brian Montgomery, former Assistant Secretary for Housing and Federal Housing Commissioner. Both played major roles in the federal governments efforts to address the nations financial crisis and restore stability and liquidity to financial markets. The firms expertise spans all aspects of Agency, non-Agency and FHA/VA housing financing programs; Ginnie Mae securitization activities; domestic and international secondary market activities and issues; primary and special servicing; full asset lifecycle vendor and talent management; and all elements of portfolio due diligence, acquisition, property management and asset disposition.

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Holtmeyer & Monson Appoints Executive Vice President and Vice President

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Memphis, TN (PRWEB) October 25, 2011

Holtmeyer & Monson announced today two key executive appointments. The company has promoted Penny Newbauer to the position of executive vice president and has hired Josh Miller as vice president to play integral roles in driving and strategically supporting the companys ongoing expansion. Holtmeyer & Monson has experienced a 30 percent increase in Small Business Association (SBA) loan closings since this time last year and has recently added eight more banks to its client roster.

After building an extensive career in corporate business and the financial services industry, Ms. Newbauer joined Holtmeyer & Monson in 2006 as vice president and national servicing manager. She has been responsible for providing guidance in the proper preparation of closing documents for SBA loans, as well as 1502 reporting, payment setup and processing and the development of servicing requests for SBA and Colson approvals since that time. In this expanded role as executive vice president, Ms. Newbauer will manage the companys overall loan servicing function as well as portfolio management and compliance.

Mr. Miller has joined the company from Paragon National Bank in Memphis where he was a vice president. For more than a decade, he has served in various commercial finance capacities. As vice president at Holtmeyer & Monson, he will manage all aspects of the companys lender account relationships across the country.

Endorsed by the Independent Community Bankers of America (ICBA), Holtmeyer & Monson offers the full spectrum of SBA lending services from training staff and loan application and closing services, to securitization and sale to the secondary market and portfolio servicing. The company enables banks to extend much needed capital to small business borrowers; at the same time, freeing the institutions from the complexities and inherent bureaucracy associated with SBA lending. Holtmeyer & Monsons unique fee structure enables banks to generate a great deal of income without incurring net costs because fees are capitalized right into a borrowers loan.

Within three months of forging our partnership with Holtmeyer & Monson this year, we efficiently closed or received agency approval for five SBA loans, said Charles Ruyle, EVP/Operations Director at Citizens Bank of Rogersville in Missouri. The first three generated non-interest fee income equal to what we would normally achieve in two years from other sources. Holtmeyer & Monson has been very key to our success with some fairly complicated SBA lending requirements; we are now not only able to fulfill the needs of local businesses, but also capture an alternative source of revenue.

Penny and Josh are skilled bankers, but even more importantly, they understand the nuances of SBA lending and what it takes to bring these loan opportunities to a successful close for clients, like Citizens Bank of Rogersville, said Arne Monson, president and co-founder, Holtmeyer & Monson. Their contributions will be instrumental in moving the company forward and helping us to continue providing highly specialized services that enable banks to enhance their profitability through government-guaranteed lending.

About Holtmeyer & Monson

Holtmeyer & Monson provides banks with comprehensive, out-of-house services and the high level of expertise required for SBA lending. The Company helps community banks offer small businesses access to capital while benefitting from a highly lucrative source of fee income. Holtmeyer & Monson covers every stage of the process from loan packaging and closing, to securitization and sale, through portfolio servicing. Based on its full-service capabilities and credibility, banks can be confident that their SBA lending credits will be handled expertly, efficiently and with the highest levels of safety and soundness. Visit http://www.holtandmon.com for more information and subscribe to our bi-monthly newsletter, SBA Lending Matters.

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Avenue 365 Lender Services Adds Shegun Onakomaiya as Vice President of Business Development for its Default Services Division.

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Plymouth Meeting, PA (PRWEB) December 01, 2011

Avenue 365 Lender Services has announced Shegun Onakomaiya as its new Vice President of Business Development for its Default Services Division. Avenues Default Services Group has been growing exponentially since its inception earlier this year. Onakomaiyas role will be to expand the client base and find additional ways in which Avenue can serve its existing clients.

Onakomaiya spent 8 years at Citigroup Global Markets, Inc., most recently as a transaction manager in the acquisition and securitization desk. As such he has deep and firsthand experience from the customers perspective. He has interacted with dozens of asset managers, hedge funds, investors, and servicers, and plans to bring those contacts and solid relationships to his role at Avenue.

Our Default Services Group has grown by almost 100% every month since inception. I believe that Sheguns experience, great reputation in the default space, and extensive contacts will assist us in continuing that growth. Our team brings unparalleled customer service, true knowledge of collateral and title issues, and a commitment to partnering with our clients for smoother transactions. Shegun will take that message to the street and we believe the result will be phenomenal for us and our clients, said Ryan Peterson, President and CEO of Avenue 365.

Avenue 365 Lender Services is a customer-focused, technology-inspired national title insurance and settlement services provider with an unwavering commitment to provide every consumer, originator, and lender with an unparalleled experience with every loan closing. They conduct business in all 50 states for both Origination Services and Default Services. Their customers include national mortgage banks, lenders, retail mortgage brokers, asset managers, investment funds, REO managers, and servicers. To learn more visit http://www.avenue365.com.

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Open up Letter To President Urges Him To Go Over and above Refinancing Reform

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Fort Lauderdale, FL (PRWEB) June fourteen, 2012

With the White Property searching for community enter on President Obamas proposal for expanded refinancing on property mortgages, genuine estate attorney and legal commentator Roy Oppenheim urges him to be daring and find out even further reform.

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In a open letter posted on Oppenheim Laws South Florida Regulation Website, Oppenheim calls the Presidents current press to let far more underwater property owners to take gain of todays reduced house loan costs a step in the appropriate route, despite the fact that one particular that must have occur significantly before in Obamas initial expression.

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For once, the president is pushing a bailout that helps every person, not just the banks, states Oppenheim, Thats a optimistic sign, but this laws still fails to offer with the root result in of the housing collapse.

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Even now Oppenheim calls the Presidents focus on the majority of underwater property owners who are nonetheless spending their home loans critical, expressing they are typically still left guiding in the governments efforts to support folks on the brink of foreclosure.

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These homeowners have been played for suckers, their only reward for striving to do the right point has been unconscionable fascination costs, Oppenheim explains.

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The Presidents press to simplicity refinancing limits for all home owners, not just people who have financial loans backed by Fannie Mae and Freddie Mac can do tremendous excellent, he adds, but it nonetheless does not offer you them considerable principal reduction.

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I suspect several will consider the placement that they dont want to refinance if their houses are so much underwater, Oppenheim says.

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And the bottom line, in accordance to the co-founder of Oppenheim Legislation, is if the banks have been not too massive to fail and too large to jail, that these kinds of legislation would not be needed.

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You nonetheless have 5 large banking companies managing over half of the countrys banking belongings, and they have no incentive to compete for your company, Oppenheim adds, As extended as youre dealing with securitized trusts, Im not positive how the authorities will have the authority to get loans modified.

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In his open letter, Oppenheim goes on to say if the President is genuinely hunting out for the home owners rather of the banking institutions and their bondholders, then he need to length the United States authorities from the financial institutions on Wall Street.

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Capitol Hill now resembles some kind of human centipede of its personal creation. We nonetheless cant explain to the big difference in between the government, the personal sector, the Federal Reserve and the financial institutions.

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Refinancing reform is just one more band-aid, and the housing market demands open coronary heart surgical treatment.

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So Oppenheim is urging the President to be bold and put the excess weight of his business office behind breaking up the countrys greatest financial institutions.

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If the banking institutions have been scaled-down, they would have to offer you refinancing on their very own as a way to keep competitive, Oppenheim claims, If the President want to get back some of the have confidence in he has missing in this place, than reducing down the excessive girth of these humongous institutions must be his prime precedence.

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Oppenheim appreciates that the President is even attempting to do one thing about the housing disaster, simply because he feels Mitt Romney and his Republican challengers failed to adequately handle the problem during their campaigns.

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When the GOP candidates campaigned below in Florida, they refused to supply any kind of resolution past permitting the market place to appropriate alone, Oppenheim adds, I respect the President for at the very least striving to do anything.

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All Oppenheim wants to see is accountability and obligation, both in the govt and at the banking companies.

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As an alternative of encouraging the banks to contend, make competitors a necessity, he concludes.

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