Wells Expands RMBS Unit

Wells Fargo Securities said it has expanded its residential mortgage-backed securities unit that previously had limited structuring and distribution capabilities. WFS has been working on expanding the RMBS unit since early this year. The unit is now fully staffed, providing advisory, structuring, research, distribution and trading services to lenders and investors as well as to its own Wells Fargo Home Mortgage unit. Mike Buttner, who previously managed the hedging of Wells Fargo Home Mortgage's servicing rights, loan pipeline and warehouse assets, heads the RMBS unit. In addition to Buttner, key senior executives include Doug Lucas, head of mortgage trading. Lucas most recently ran structured products trading in London for Bear Stearns. Dash Robinson heads residential mortgage finance structuring and lending. Robinson was previously responsible for the execution surveillance and restructuring oversight of Wells Fargo's structured finance transactions.