C. Darren Stumberger is joining Knight Capital Group Inc., Jersey City, N.J., as managing director, mortgage trader, with an emphasis on reverse mortgage securitization. Knight's subsidiary Urban Financial Group is an originator of Home Equity Conversion Mortgages, and a Ginnie Mae-approved issuer of HECM Mortgage-Backed Securities.
At Knight, Stumberger will trade mortgage and structured products as part of its ABS/MBS team, with a specific focus on the company's growing reverse mortgage and HMBS business.
“Knight is expanding upon the firm's position as a leading provider of reverse mortgages and HMBS securities in a growing market,” said Bob Lyons, co-head of Global Fixed Income. “Darren's specialized experience in HMBS will help advance our efforts at a time of great opportunity. Upon joining Knight, he will oversee securitization, pricing, valuation, trading and risk management.”
Stumberger will be based in New York. Most recently, he worked for Bank of America Merrill Lynch where he was responsible for trading and risk management of reverse mortgages in Global Banking and Capital Markets. Before that he worked in trading and analysis of MBS at KBC Group, Goldman Sachs and Morgan Stanley. He began his career in structured finance at Standard & Poor's.
