Assured Guaranty Corp. (AGC) and Assured Guaranty Municipal Corp. (AGM) hired Gregory Raab as senior managing director, RMBS workout.
He reports directly to Dominic Frederico, president and CEO of Assured Guaranty, the parent holding company for AGC and AGM.
Raab will lead the group responsible for RMBS loss mitigation and risk remediation, including enforcing Assured Guaranty’s rights to submit or “put back” mortgage loans that have breached representations and warranties for repurchase and supervising the obligations of servicers of RMBS transactions that AGC or AGM have insured.
Most recently, Raab was chief risk officer and senior managing director of Ambac Assurance Corp., where he led all restructuring, loss mitigation and risk management initiatives. He joined Ambac from General Electric Co., where he was a senior managing director and portfolio manager for GE Equity, identifying low-risk complex assets at deep discounts for GSE to purchase.
From 2000 to 2004, he held a series of positions at bond insurer Financial Guaranty Insurance Co. (FGIC), including managing director and structured finance business leader as well as chief risk officer in structured finance, public finance and capital markets.
During his tenure at FGIC, he repositioned the structured finance business away from subprime mortgages toward prime mortgages and other asset classes and helped manage GE’s sale of FGIC to an investor group.
