ECC Execs Volunteer for Pay Cuts

ECC Capital Corp., a real estate investment trust based in Irvine, Calif., has announced that four senior executives have offered to take significant reductions in compensation to help the mortgage finance REIT cut costs.ECC said co-founders Steven Holder, chairman and co-chief executive officer, and Shabi Asghar, president and co-CEO, have volunteered to work without salary or bonus for the next 12 months, effective April 1. In addition, Roque Santi, the REIT's executive vice president and chief financial officer, and Larry Moretti, its EVP and chief administrative officer, have agreed to 20% reductions in their base salaries, from $250,000 to $200,000, effective April 15. Mr. Santi and Mr. Moretti have also agreed, along with chief production officer Tony Gotschall, to return some previously granted common stock options, the company said. "In light of present conditions facing our industry and company, we are continuing to move ahead with our restructuring efforts, which we believe will not only reduce costs but improve quality and productivity," Mr. Holder said. The REIT can be found online at http://www.encorecredit.com.