Street Vets Shopping For a Loan Servicer?
Former Deutsche Bank loan traders Michael Commaroto and Paul Mangione are talking to investor Leon Black about starting a fund to bottom-fish in delinquent mortgages and securities, industry officials told National Mortgage News.
Also involved in the startup is Amy Brandt, who ran WMC Mortgage, a subprime wholesaler that was based in Burbank, Calif. WMC was owned by Mr. Black's company Apollo Management which is based in Purchase, N.Y. (About three years ago Apollo sold WMC to General Electric.)
The new business will be housed under a Black-related company called Vantium Management, said a source. The source, requesting anonymity, said Mr. Black is also shopping around for a servicing platform. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/