Career moves

Robert Vahradian has joined Golden Tree InSite Partners, a New York-based international real estate investment firm, as a partner and managing director.Mr. Vahradian was most recently president of Allied Partners, a private New York-based real estate investment company. He was previously chief operating officer and principal of The Athena Group, a residential investment and development company in New York, and a director in Credit Suisse First Boston's real estate investment banking group, according to Golden Tree.

Barclays Capital has hired a longtime Nomura Securities International agency mortgage researcher, and Nomura's continued participation in the agency MBS market appears questionable.Art Frank, Nomura's former director of MBS, has been named director and mortgage strategist at Barclays, according to the latter company. A Nomura spokesman had not returned a call by deadline time, and efforts to reach the company's agency MBS team through its switchboard were met with uncertainty about whether the business was still offering services in that area.

Veteran mortgage banker Jon Daurio, a co-founder of Encore Credit Corp., has been added to the staff of The Prieston Group, San Rafael, Calif., which offers fraud protection, mitigation, and indemnification services.Mr. Daurio will focus on institutional sales, strategic enterprise planning, and acting as liaison to Prieston's affiliated legal group, the risk management consulting company said. He served in various executive roles at Encore, a wholesale residential mortgage banker, and its parent company, ECC Capital Corp. Mr. Daurio was previously a co-founder of Park Place Capital Corp., a special services company that included a scratch-and-dent business; president and chief executive officer of Loan Funding Corp. of America, a residential mortgage banker; co-founder of Financing USA, the consumer direct-lending division of Long Beach Mortgage Co.; and senior vice president and corporate counsel at Long Beach Mortgage. Prieston can be found online at http://www.priestongroup.com.

Freddie Mac has named Anthony "Buddy" Piszel its new permanent chief financial officer, effective Nov. 13.A former CFO and executive vice president for Health Net Inc., Woodland Hills, Calif., Mr. Piszel replaces Martin Baumann, who resigned in March but stayed on as a consultant. As CFO, Mr. Piszel will oversee Freddie's financial reporting and controls, and related duties, including annual budgeting. He will also carry an executive vice president title at the government-sponsored enterprise. Still recovering from an accounting scandal that started three years ago, Freddie Mac is not current on its financial reporting, but recently released an estimate on first-half earnings. During his career, Mr. Piszel has worked for Prudential Financial and Deloitte & Touche. Freddie Mac can be found online at http://www.freddiemac.com.

Conshohocken, Pa.-based MortgageHub, a mortgage industry Web services platform provider, has hired David Demster as president of its Mortgage Products Division and Mike Whitson as senior partner in its Services Division.Mr. Demster is charged with overseeing and managing the company's mortgage technology products, including its Web-based wholesale, correspondent, and retail lending systems; its product, pricing, and decisioning engines; and its warehouse lending system. Before joining MortgageHub, Mr. Demster served as vice president of the Mortgage Business Unit of Fair Isaac Corp., where he directed all business operations. Mr. Whitson will focus on managing and developing the company's service offerings, with a focus on strategy consulting and contracting services for the mortgage industry. MortgageHub can be found on the Web at http://www.mortgagehub.com.

Laura Trop has been named managing director and head of commercial real estate lending at Deutsche Bank's U.S. Private Wealth Management business.Ms. Trop will be charged with expanding PWM's structured lending business to real estate developers and entrepreneurs, and with "strategically aligning" PWM's commercial real estate business within Deutsche Bank's Global Banking Division, the bank said. She was most recently a director in the Commercial Real Estate Group at Citigroup's Private Bank. Ms. Trop was previously a founder and a partner of Foray Capital, a real estate consulting firm. Deutsche Bank can be found online at http://www.db.com.

Timothy A. Mazzetti has joined Cohen Financial, a Chicago-based commercial real estate lender, as executive vice president.Mr. Mazzetti was most recently with Kansas City, Mo.-based Midland Loan Services, one of the largest commercial mortgage servicers, for about 12 years. Cohen Financial has secured additional capital and company affiliations through a recently completed recapitalization with FirstService Corp., Cohen said, and Mr. Mazzetti will work on leveraging this new relationship. Jack Cohen, Cohen Financial's chief executive officer, said Mr. Mazzetti's appointment will serve to "take the company to the next level." The company can be found on the Web at http://www.cohenfinancial.com.

Marietta Rodriguez has been named national director of home ownership programs at NeighborWorks America, a new position.Ms. Rodriguez had been interim director of the organization's Campaign for Home Ownership since December. As national director, she will have direct responsibility for the Campaign for Home Ownership, the NeighborWorks Center for Foreclosure Solutions, and several other homeownership programs. Ms. Rodriguez previously held various positions with NeighborWorks, including manager of the corporation's Full Cycle Lending program. Before joining NeighborWorks America in 1998, she was director of training and community outreach for the Neighborhood Housing Services of Santa Fe.

Jay Sidhu, chairman and chief executive officer of mortgage lender Sovereign Bancorp, Rosemont, Pa., resigned from the thrift late Tuesday after a marathon board meeting.Spanish banking giant Banco Santander owns about 25% of the company. An active shareholder has been pushing for changes at the thrift. The board named Joe Campanelli as an interim successor to Mr. Sidhu. (Mr. Campanelli is president of the lender's New England division.) Sovereign is a top-50-ranked residential lender, and the nation's fourth-largest thrift based on its holdings of single-family loans. The lender issued a statement saying Mr. Sidhu "resigned and retired," citing "family health related reasons." In a research note, Sandler O'Neill said a sale of the company "is probably not in the offing," adding that it is an underperformer compared with its peers. Sovereign's shares were up 1% as of MortgageWire's deadline.

Rod Colombi has been named executive vice president of corporate development at Option One Mortgage Corp., Irvine, Calif.Mr. Colombi was most recently executive vice president of corporate finance at New Century Financial Corp. He rejoins Option One after serving as the company's vice president and manager of secondary marketing from 1996 to 2001, Option One said. He previously worked for Countrywide Financial Corp. and Bank of America. Option One, a subsidiary of H&R Block Inc., can be found on the Web at http://www.optiononemortgage.com.

The Treasury Department is about to swear in Robert K. Steel as the new under secretary responsible for policies and legislation involving Fannie Mae and Freddie Mac.The Senate confirmed the former Goldman Sachs vice chairman Sept. 29 just before Congress left Washington for the Nov. 7 elections. Treasury Secretary Henry Paulson handpicked his former colleague at Goldman Sachs to replace Under Secretary Randal Quarles, who announced this summer that he wanted to return to the private sector. The swearing-in ceremony comes at a time when Secretary Paulson wants to break a legislative stalemate over government-sponsored enterprise regulatory reform and pass a bill when Congress returns Nov. 9 for a lame-duck session. But the odds of that happening are slim. Mr. Paulson was the chairman and chief executive of Goldman Sachs.

Sovereign Bancorp's board is meeting on Tuesday and could remove its long-time chairman and chief executive officer, Jay Sidhu.A top-50-ranked residential lender, the Rosemont, Pa.-based Sovereign is the nation's fourth-largest thrift, based on its holdings of single-family loans. Mr. Sidhu's possible removal was first reported by the Wall Street Journal. Joe Campanelli, president of the lender's New England division, has been mentioned as a possible interim successor. At deadline time, Mr. Sidhu could not be reached for comment. Spanish banking giant Banco Santander owns about 25% of the company, and there has been talk among investment bankers that eventually it might buy all of Sovereign. An analyst report by Sandler O'Neill notes that the thrift's "profitability metrics have been below peer median levels for quite some time." Still, Sovereign's shares were trading near their 52-week high of $24.62. Among residential servicers, Sovereign ranks 36th, with $18.5 billion in receivables. Sovereign can be found online at http://www.sovereignbank.com.

Corey Owens has been named head of sales and business development at Clayton Holdings Inc., Shelton, Conn., a provider of integrated analytic and consulting services to the mortgage industry.Mr. Owens was previously with Goldman Sachs, where he led execution efforts for numerous commercial mortgage-backed securities, Clayton said. He was involved in developing several commercial mortgage origination/securitization platforms and led Goldman's CMBS financial institutions marketing effort. Clayton can be found online at www.clayton.com.

Teresa Bryce has been named executive vice president, general counsel, and secretary of the Radian Group Inc., a global credit risk management company, replacing Howard Yaruss, who is leaving the company.Ms. Bryce comes to Radian from Nexstar Financial Corp., where she served as general counsel, senior vice president, and secretary. She was previously general counsel for Bank of America Mortgage and held other senior legal roles for PNC Mortgage Corp. and Prudential Home Mortgage Co., Radian reported. Ms. Bryce is a member of the board of directors of the Mortgage Bankers Association. Radian can be found on the Web at http://www.radiangroupinc.com.

Christopher S. Stinebert has been named president and chief executive officer of the American Financial Services Association, effective Nov. 1.This timing will allow a two-month transitional period before Randy Lively, the AFSA's current president, retires on Dec. 31. Mr. Stinebert currently serves as president and chief executive officer of the Manufactured Housing Institute in Arlington, Va. Before joining the MHA in 1998, he was president and chief executive officer of the National Concrete Masonry Association in Herndon, Va.

NetBank Inc., Columbia, S.C., a top-40-ranked mortgage lender, says its chairman and chief executive officer, Douglas Freeman, has resigned effective Oct. 5.The resignation comes as the company finalizes a deal to sell a majority of its $15 billion servicing portfolio, using Countrywide Servicing Exchange, Pasadena, Calif., as its broker. Initially, Phoenix Capital, Denver, had represented NetBank in the sale, but then the company changed advisers. A spokesman for NetBank told MortgageWire that "We wanted a bigger firm to represent us." The depository named Stephen Herbert as its new CEO. In a statement, Mr. Herbert said, "We believe our bank and conforming mortgage businesses have upside potential." Through the first six months of the year NetBank has lost about $42 million. Blaming its woes on the flat yield curve, "competitive operating pressures within our mortgage channels, and other market factors," it anticipates that it may lose money in the third quarter just ended.

Laurence C. Siegel has retired as chief executive officer of The Mills Corp., Chevy Chase, Md., and has been named non-executive chairman of the board, while Mark S. Ordan has been promoted from chief operating officer to CEO and president.Mills, a real estate investment trust, also reported that it is still working with Kan Am USA Management XXII and Colony Capital Acquisitions LLC "to resolve the complex issues necessary to close the Meadowlands Xanadu transaction." If that transaction is concluded, Mr. Siegel may join the new joint venture and, if so, would remain on the REIT's board but resign as non-executive chairman, The Mills said. Mr. Ordan, a longtime board member, was previously a specialty retail CEO and chairman of the Federal Realty Investment Trust. The REIT can be found online at http://www.themills.com.

Corey Carlisle has been named senior director for residential loan production in the Government Affairs Department of the Mortgage Bankers Association.Mr. Carlisle's MBA portfolio will include the development of industry positions on residential loan production issues such as Federal Housing Administration reform, alternative mortgage products, and appraisal reform. Mr. Carlisle was most recently first vice president of public policy and industry affairs at Countrywide Financial Corp. He previously held senior product management roles at First Franklin Financial, where he led the rollout of several successful mortgage products and services, and at Freddie Mac, where he managed strategic development projects in its Single Family Division, the MBA said. Mr. Carlisle was also a legislative assistant to Sen. Kent Conrad, D-N.D. The MBA can be found online at http://www.mortgagebankers.org.

Richard D. Powers has been named senior vice president and general manager of ditech.com, a direct mortgage lender based in Costa Mesa, Calif.Mr. Powers joins ditech.com from Metrociti Mortgage Corp., where he served as president of the company's Western Division. He was previously president of KB Home Mortgage, where he managed the captive mortgage business. Mr. Powers was also president and chief executive officer of Charter One Mortgage Corp. for seven years. The company can be found online at http://www.ditech.com.

Terri A. Lowell has been named executive vice president of human resources at EMC Mortgage Corp., Lewisville, Texas.Ms. Lowell joins EMC from Glazer's Family of Cos. in Dallas, where she was vice president of human resources and development, EMC Mortgage said. Ms. Lowell previously served as director of human resources at Pepsico Inc. in Plano, Texas, and as director of organizational capability and diversity/inclusion for Frito Lay North America. She has also held management positions at eLoyalty Corp. in Lake Forest, Ill.; Goldman, Sachs & Co. in Chicago; and BP Amoco Corp. in Chicago. EMC Mortgage can be found online at http://www.emcmortgage.com.