Former Cityscape Chief Now with Luxury Mortgage

Robert Grosser, former chief executive of Cityscape Financial, an early high flyer of the subprime business of 1990s, has been named president of Luxury Mortgage, Stamford, Conn. Luxury is buying Homestar Direct, a mortgage firm that Mr. Grosser formed in 1999 after the publicly traded Cityscape filed for bankruptcy protection. Homestar's origination platform focused on consumer direct marketing utilizing diverse channels to reach target borrowers. Homestar is becoming part of Luxury in an asset acquisition transaction. Mr. Grosser will work with Luxury's CEO David Adamo on the overall day-to-day management of the firm with a focus on the following areas: new business opportunities, regulatory/compliance, accounting, human resources, vendor management, facilities management, capital planning, capital raising, strategic planning and risk management. Cityscape was based in Elmsford, N.Y.