Bear, Stearns & Co. priced a Ginnie Mae real estate mortgage investment conduit backed by $250 million of Ginnie Mae I 7% fixed-rate certificates. The Remic priced Jan. 21, 2000 and will settle Feb. 29. Blaylock & Partners co-sponsored the sale.
Joel Katz, former president and chief executive officer of Union Planters Mortgage Co., has been hired by Salomon Smith Barney as a director in its mortgage finance group, in charge of new business development. Before serving as CEO of Union Planters, Katz was the president and CEO of Boatman's National Mortgage Inc.
Electronic Mortgage Affiliates (Ellie Mae), a Dublin-Calif.-based company that hosts Web sites for 2000 loan originators, has recently hired Kevin Williams as its director of inside sales. He came to the company form Peoplesoft Inc., where he was the director of telemarketing. He will be responsible for creating and implementing a program to exceed Ellie Mae's stated sales quota.
Karen Weaver and Fred Brettschneider have been promoted to managing directors in the asset-backed securities department of Credit Suisse First Boston. Weaver will be the head of securitized assets research and Brettschneider will be the head of ABS trading.
The U.S. Bankruptcy Court has set Criimi Mae's bankruptcy hearings. The hearings on the disclosure statements that were filed in December 1999 will be April 25 and April 26. A hearing asking the Court judge to suspend consideration of the proposed liquidation plan until the reorganization plan has been considered will take place Feb. 2.
United Financial Inc., of Denver, is brokering a $155 million Freddie Mac/Fannie Mae private servicing portfolio, consisting of 1,354 loans with an average balance of $114,534. Bids are due Feb. 2.