Jonathan Polansky was named as the new team managing director and head of the ABCP ratings group at Moody's Investors Service, taking over the responsibilities of Claire Robinson, who was recently named the new head of Moody's public finance ratings group. As head of ABCP, Polansky reports to Michael Kanef. Polansky joined Moody's in 1997, worked at Triton Partners starting in 1999, only to return to Moody's in 2003.
Brightwater Capital Manage-ment, a unit of WestLB, recently hired Olga Dadamatova as senior credit analyst specializing in RMBS and CDOs. Dadamatova was previously with FGIC. Brightwater also hired Anne McKenna as associate director and CMBS and commercial receivables specialist. McKenna is a lateral hire joining from WestLB, where she was with the ABS credit group for nine years. Both report to Director Thomas Irwin. The Brightwater Capital Management team is led by Managing Director James Galowski.
Nomura Securities International hired Dean Chamberlain as managing director and head of fixed-income sales. Chamberlain reports to Executive Managing Director and Head of Fixed Income Najib Canaan. Chamberlain joins Nomura after a four-year stint at Bank of America Securities, where he served as managing director responsible for mortgage-related and structured products, Midwest distribution. Before BofA, Chamberlain spent three years in fixed-income sales at JPMorgan Chase. He began his finance career trading mortgage products at Donaldson, Lufkin & Jenrette.
Radian Group Inc. appointed S.A. Ibrahim as chief executive officer, effective May 5. He joins Radian from GreenPoint Mortgage, where he had served as president and chief executive officer since 1999. Ibrahim also served as chief operating officer at GreenPoint, leading the company through the successful acquisition of Headlands Mortgage.
North Fork Bancorporation appointed Steven Abreu as president and CEO of its wholly owned subsidiary GreenPoint Mortgage, succeeding S.A. Ibrahim, who left to take the CEO position at Radian Group Inc. Abreu has held numerous management positions with GreenPoint Mortgage and its predecessor since 1988. Most recently, Abreu was executive vice president responsible for production, sales, secondary marketing, investor relations and new business. North Fork is a regional bank holding company based in New York conducting commercial and retail banking from roughly 360 branches in the Tri-State area, with a complementary national mortgage banking business.
Capital One Financial Corp. announced that its managed loan portfolio grew to $81.6 billion, up $1.7 billion or 9% annualized from the previous quarter, in its first quarter 2005 earnings release. The company expects that managed loans will grow at a rate of between 12% and 15% during 2005. The managed chargeoff rate decreased to 4.13% in the first quarter of 2005 from 4.37% in the previous quarter.
Credit card issuer Providian Financial Corp. reported that its 1Q05 profit rose 42% versus last year with credit quality improving during the period. Management foresees mid-to-high single digit managed loan portfolio growth rate this year, with its portfolio increasing 7.62% year-over-year. The non-interest margin on average reported loans was 21.82 % while the company's risk adjusted margin on average reported loans grew to 24.95% from 23.80% a year ago. Managed net credit losses in the first quarter were $378.8 million, resulting in a 8.43% net credit loss rate versus 13.88% in 2004. First-quarter reported net credit losses were $80.4 million, resulting in a 4.49% net credit loss rate versus 9.02% a year ago.
March new home sales jumped 12.2% to a record-high 1.431 million units, the biggest monthly gain since September 1993. The previous high was last October's1.304 million units.The results were much stronger than expected as poor weather should have produced a sharp drop, consistent with the March plunge in housing starts. Furthermore, both January and February were revised upward, totaling 106,000 units. The late-winter upturn in mortgage rates peaking slightly over 6% in the period only slightly dampened housing sector activity. After rising by above 20% in two months, the current selling rate probably wouldn't be sustained. Still, an April pullback or a March revision in the series would likely leave the selling pace at an significantly elevated level, with solid job growth as well as income gains continuing to underlie new home demand.
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