Career moves

Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc., Philadelphia, has announced the resignation of its president, David Applegate, and several other changes at the top of the organization. Mr. Applegate will remain with Radian as a consultant for the foreseeable future. Stepping in as president is Teresa Bryce, who had been Radian Group's executive vice president, general counsel, corporate secretary, and chief risk officer. Paul Bognanno has been promoted from vice chairman of Radian Guaranty to chairman. Jeff Cashmer, senior vice president of mortgage insurance sales, is the new executive vice president and chief operating officer of Radian Guaranty, and Ted Hoffman, currently senior vice president and assistant general counsel will become Radian Group's general counsel and corporate secretary. Ms. Bryce and Mr. Hoffman report to S.A. Ibrahim, Radian Group's president and chief executive, while Mr. Bognanno and Mr. Cashmer report to Ms. Bryce. Ms. Bryce's priorities will include returning the mortgage insurance subsidiary to the AA level, and she has "extensive experience working with the GSEs, which will continue to be one of our top priorities," Mr. Ibrahim said.

Citigroup on Tuesday named Sanjiv Das CEO of its residential lending division, CitiMortgage of O'Fallon, Mo., the nation's fourth largest originator. He replaces Bill Beckmann who stepped down in June to spend more time with his family. Mr. Das returns to Citigroup after holding executive positions at Morgan Stanley and Bank One. In the 1990s, he worked for Citigroup in a number of positions, including chief of its global mortgage products group.

Downey Financial Corp. - which has seen its non-performing assets rise in recent months - said it has "terminated" Frederic R. McGill as president of the holding company and its thrift affiliate, Downey Savings and Loan Association. No reason was given for his departure. Based in Newport Beach, Downey's NPAs (as a percentage of total assets) totaled 14.3% in May compared to 13.2% in April and 1.3% a year earlier. In connection with his dismissal the S&L will make a $900,000 lump sum payment to him. According to Downey, he has agreed "not to solicit any employees, consultants, customers or suppliers of the bank for a period of one year following termination of his employment." Among residential lenders Downey ranks 39th nationwide, according to the Quarterly Data Report.

Fred Melgaard has been named executive vice president of DRI Management Systems, a provider of mortgage default management technology based in Newport Beach, Calif. His primary responsibilities include managing major client relationships, customer relations, sales, and marketing. DRI said Mr. Melgaard is a 19-year industry veteran who joined the company from Harland Financial Solutions, where he has served in various capacities since 1999, including vice president of servicing products and customer experience. He previously spent six years in senior management positions at several technology firms, including MaestroSoft, where he was president and chief executive officer. DRI can be found online at http://www.dridefault.com.

The Senate has confirmed Joseph Murin to be the new president of Ginnie Mae and Elizabeth Duke to be a member of the Federal Reserve Board. Mr. Murin was the owner and managing partner of Mortgage Settlement Network from 2004 through August 2007. The Pittsburgh-based company provides title, appraisal, and closing services. President Bush nominated the mortgage industry veteran to the Ginnie post back in October. The Senate also confirmed Ms. Duke, a Virginia community banker, so the Federal Reserve Board would continue to have five voting members once Fed governor Frederic Mishkin steps down on Aug. 31. The seven-member board currently has two vacancies. "In confirming Elizabeth Duke to a term through 2012, we are ensuring the Fed can function during these difficult economic times," said Senate Majority Leader Harry Reid, D-Nev.

Rodney A. Montag has been named an executive managing director of the recently formed Cantor Real Estate LLC, according to New York-based Cantor Fitzgerald LP. Launched in May, the group is pursuing investment opportunities in select real estate sectors (including distressed real estate investment loans) with "a value-add focus on development and redevelopment assets," Cantor Fitzgerald said. Mr. Montag, who has over 20 years of real estate acquisition and development experience, will lead the venture along with executive managing director Andrew N. Stark, with whom Mr. Montag worked closely at WCI Communities for over 10 years.

J. Christopher Hoeffel has been named president of the Commercial Mortgage Securities Association for 2008-2009. Mr. Hoeffel, a managing director at JP Morgan Chase, succeeded Leonard Cotton, vice-chairman of Centerline Capital, at the conclusion of CMSA's June convention, the association reported. He has been on the CMSA board of governors for the past six years. Mr. Hoeffel joined JP Morgan Chase in June after the acquisition of Bear Stearns & Co., where he had been global co-head of the Commercial Mortgage Department. Mr. Hoeffel previously worked for Eastdil Realty Inc. in New York and Walker & Dunlop Inc., a commercial mortgage banking firm in Washington.

Kevin T. Kabat, president and chief executive officer of Fifth Third Bancorp, Cincinnati, has been given the additional title of chairman of the board. Mr. Kabat replaces George A. Schaefer Jr., who retired from the board June 17 as part of a succession plan that began with his retirement as CEO in April 2007. Mr. Schaefer joined Fifth Third Bank in 1971 and was named president and CEO in 1989, the company said. Fifth Third also announced the appointment of James P. Hackett as lead director. Fifth Third can be found on the Web at http://www.53.com.

Wendy Worcester has joined Thompson National Properties LLC, Irvine, Calif., as chief administrative officer. Ms. Worcester had been consulting for various start-up companies on forecasting, planning, accounting, and fundraising since 2007, Thompson said. She was previously chief financial officer at Rent.com from its start-up until its acquisition by eBay in 2005, and she held various positions with financial institutions such as Bank of America, Hawthorne Savings, and Ernst & Young. Thompson National, a provider of real estate investment opportunities and asset management services, can be found online at http://www.tnpre.com.

Robert F. Little has been named to head the Real Estate Finance Group of Babson Capital Management LLC, an investment management firm based in Springfield, Mass., and Charlotte, N.C., at the end of the year. Mr. Little, 42, will replace the retiring Kenneth Hargreaves, who has led the group since 1991 and has been with the firm's real estate business since 1972, Babson said. Mr. Little, who has been with the group since 1987, is currently responsible for the origination, structuring, and distribution of high-yield commercial mortgage products. His previous experience includes the development and oversight of the real estate group's capital markets area. Assuming Mr. Little's responsibilities will be Clayton "Chip" Andrews, who joined Babson in March and had been chief operating officer and partner at Cheslock, Bakker and Associates, a real estate merchant bank.

Philip M. Cedar has been named a partner in the financial services practice of the New York office of Kirkpatrick & Lockhart Preston Gates Ellis LLP. Mr. Cedar joins K&L Gates from Bear Stearns, where he was a senior managing director in the company's legal department and a group practice leader for the mortgage- and asset-backed securities division. Mr. Cedar has counseled a wide array of financial institutions and professionals on matters such as structuring and securities trading and financing, the law firm said.

Rajinder Singh has been named to the newly created role of chief credit risk officer at GMAC Financial Services, the New York-based parent company of Residential Capital LLC. Mr. Singh joins GMAC from Genpact, where he served as head of global analytics services. He also spent four years at GE, where he was chief risk officer for GE Money Americas, head of risk management and decision sciences, and an officer of GE Capital. Mr. Singh also previously led risk management at U.S. Bancorp.

The Federal Agricultural Mortgage Corp. has announced that 10 directors -- including three new directors who defeated nominees of the company's board -- were elected to one-year terms on Farmer Mac's board at the June 5 annual stockholders' meeting. The three new directors -- James R. Engebretsen, Clark Maxwell, and Brian J. O'Keane -- replace Timothy F. Kenny, Charles E. Kruse, and Ralph W. Cortese, respectively, who had been nominees of the board, Farmer Mac reported. Mr. Engebretsen is the MBA director and assistant dean of corporate relations and career services at the Marriott School of Management at Brigham Young University; Mr. Maxwell is a vice president and director of accounting policy and global accounting services at Chatham Financial Corp.; and Mr. O'Keane is the senior vice president and chief financial officer of AgriBank FCB, the largest of five banks in the national Farm Credit System. Farmer Mac, a government-sponsored enterprise, can be found on the Web at http://www.farmermac.com.

Donald J. Meyer has been named chief executive officer of American Mortgage Acceptance Co., New York, and elected to the board of trustees, effective July 1. Former AMAC CEO and trustee J. Larry Duggins will retire effective June 30 to attend divinity school at Southern Methodist University, the company said. Mr. Meyer will continue serving as an executive managing director and chief investment officer at Centerline Capital Group, AMAC's manager. AMAC can be found on the Web at http://www.americanmortgageco.com.

Robert M. La Forgia has been named a principal in The Atalon Group, a Las Vegas-based firm specializing in real estate operational turnaround and corporate recovery management. Mr. La Forgia was formerly executive vice president and chief financial officer of Hilton Hotels Corp. Mr. La Forgia's hotel career of over 25 years culminated with the $27 billion sale of Hilton Hotels to Blackstone and its affiliates late in 2007, the largest transaction in the hospitality industry to date, Atalon said. Mr. La Forgia was previously senior vice president and controller of Hilton Hotels. Atalon can be found online at http://www.theatalongroup.com.

Greg Genovese has been named president of the Securities Division at Thompson National Properties LLC, an Irvine, Calif.-based provider of real estate investment and asset management services to high-net-worth investors. Mr. Genovese was previously senior vice president of western markets for Grubb & Ellis Securities (formerly NNN Capital Corp.). Before joining Grubb & Ellis, Mr. Genovese held sales, marketing, and management positions at Bear Stearns & Co., Cowen & Co., and Wells Real Estate Funds. Thompson National Properties can be found on the Web at http://www.tnpre.com.

Glen Esnard has been named to the newly created position of president of capital markets at Grubb & Ellis Co., a real estate services and investment firm based in Santa Ana, Calif. Mr. Esnard will join Grubb & Ellis effective June 23 and will be responsible for directing its investment brokerage business, including its Institutional Investment Group and Private Capital Investment Group, G&E said. Mr. Esnard was most recently president of brokerage services at Colliers International. He was previously a partner at FORT Properties Inc. and one of five principals responsible for the development of the tenant-in-common firm. Mr. Esnard also spent 23 years at CB Richard Ellis in a variety of brokerage and leaderships roles. G&E can be found online at http://www.grubb-ellis.com.

Mortgage Network Inc., Danvers, Mass., has announced plans to expand its wholesale operations in North Carolina, South Carolina, Tennessee, Georgia, and Alabama. The company also announced the hiring of mortgage veteran Thomas Palmer as its national wholesale manager. Mr. Palmer was most recently senior vice president and channel executive for correspondent lending at Bank of America Securities. He was previously senior vice president and channel director for correspondent national sales at Washington Mutual/Fleet Mortgage. Mortgage Network said it has opened eight new offices in the past 12 months and increased its staff by over 33%. The company can be found on the Web at http://www.mortgagenetwork.com.

Jeff Walton has been named chief executive officer of Accredited Home Lenders Holding Co., a troubled San Diego-based subprime lender that recently confirmed an undisclosed number of layoffs. Mr. Walton replaces Jim Moran, who has served as interim CEO since February 2008. A veteran of 25 years in the mortgage industry, Mr. Walton was previously president, CEO, and senior managing director of Bear Stearns Residential Mortgage Corp., Accredited said. Before launching BSRMC, he served as president of the mortgage division for First National Bank of Arizona and First National Bank of Nevada. Accredited, once a top-ranked publicly traded subprime lender, was sold last fall to Lone Star, a private equity fund. Accredited can be found on the Web at http://www.accredhome.com, and Lone Star can be found at http://www.lonestarfunds.com.

Michael S. Solender has been named executive vice president and chief legal officer of Washington Mutual Inc., Seattle. Mr. Solender, 44, succeeds interim CLO Stewart M. Landefeld, who is returning to private practice at Seattle-based Perkins Coie. Mr. Solender was most recently general counsel at The Bear Stearns Cos., where he managed the 500-person Legal and Compliance Department. He was previously a partner at the Washington, D.C.-based Arnold & Porter law firm and general counsel of the U.S. Consumer Product Safety Commission.