Greenwich, Conn.-based Greenwich Capital Markets will be opening a branch in San Francisco, devoted to the sale of mortgage-backed and asset-backed securities. Phil Marinovich, formerly of ABN Amro and Paul Longinotti, formerly of Deutsche Bank have been hired as vice presidents of ABS sales. They will report to Anthony Schepis, managing director and head of ABS sales for the company. "We don't necessarily see the business specifically growing out in the west, it's just that we're looking to provide more access to our clients and to be a greater presence in the region," said Schepis. "We're confident that having the San Francisco office will be a great help in terms of the distribution of our products. Adding additional products in the future is something we will also look at."
Tomislav Goles, a former Salomon Brothers senior software engineer who helped design and implement the company's MBS system, joined Clearwater, Fla.-based quantity equity fund manager Advanced Investment Technology Inc. as a senior research analyst. Goles will be responsible for advancing AIT's systems and building new research tools to enhance investment solutions.
Fannie Mae and Citigroup Inc. have teamed up and pledged $12 billion over five years to help low- and moderate-income, minority and new-immigrant families purchase homes. Fannie Mae has agreed to purchase $12 billion of loans originated by CitiMortgage Inc. as part of its programs designed to help underserved communities.
Capital Management Sciences of Los Angeles has launched the pre-release version 4.2 of its fixed-income portfolio analytics system, BondEdge. The new version has new MBS prepayment analysis tools, allowing users to modify individual parameters within the system's model, and specify new models for user-defined collateral types.
GMAC-RFC has just completed the closing of its largest high loan-to-value home equity loan securitization in the company's history, with $600 million in loans. This transaction, the third for RFC this year, brings RFC's year-to-date HLTV total to $1.45 billion, placing it among the top issuers of the year.
Representatives from the Bond Market Association, Ginnie Mae, the Federal Reserve, Depository Trust & Clearing Corp. and the Mortgage Bankers Association have representatives on a new Ginnie Mae servicing task force to implement Ginnie Mae's use of Fedwire for the clearance, settlement and payment of its securities. The agency hopes its securities will be more attractive to investors.