Deutsche Bank Taps MortgageIT CEO

Deutsche Bank has announced that Doug Naidus, chairman and chief executive officer of MortgageIT Holdings Inc., will become head of mortgage origination in the bank's residential mortgage-backed securities group now that Deutsche Bank's acquisition of MortgageIT has been completed.Mr. Naidus will also hold the title of managing director. Deutsche Bank said the purchase price of the acquisition was $430 million, or $14.75 a share. A real estate investment trust, MortgageIT Holdings owns MortgageIT Inc., a residential mortgage lender that employs 2,100 full-timers in 47 branches and is licensed to originate mortgages in all 50 states. "Expanding our origination platform provides us with access to a steady source of product for distribution into the mortgage capital markets," said Phil Weingord, head of Global Markets in the Americas at Deutsche Bank. The bank can be found online at http://www.db.com.