Ex-Exec at Market Street Enters JV Deal

A former Texas area executive of Market Street Mortgage Corp., a subsidiary of the failed NetBank, has entered into a divisional joint venture arrangement with Primary Residential Mortgage Inc., Salt Lake City.The deal allows Mark Cady, a regional vice president at Market Street, to purchase his territory in Texas and save the jobs of 80 former Market Street employees. The Texas operation will be known as Flagstone Lending Group and have offices in Houston (its headquarters), Dallas, San Antonio, Austin, and McAllen. The arrangement between PRMI and Flagstone allows those offices to continue accepting applications and funding new loans. In 2006, Mr. Cady's region closed an average of approximately $25 million per month. Prior to joining Market Street, he was chairman and chief executive of Memorial Park Mortgage Ltd. and divisional vice president of CTX Mortgage Co.