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Downey Financial Corp. - which has seen its non-performing assets rise in recent months - said it has "terminated" Frederic R. McGill as president of the holding company and its thrift affiliate, Downey Savings and Loan Association. No reason was given for his departure. Based in Newport Beach, Downey's NPAs (as a percentage of total assets) totaled 14.3% in May compared to 13.2% in April and 1.3% a year earlier. In connection with his dismissal the S&L will make a $900,000 lump sum payment to him. According to Downey, he has agreed "not to solicit any employees, consultants, customers or suppliers of the bank for a period of one year following termination of his employment." Among residential lenders Downey ranks 39th nationwide, according to the Quarterly Data Report.

Fred Melgaard has been named executive vice president of DRI Management Systems, a provider of mortgage default management technology based in Newport Beach, Calif. His primary responsibilities include managing major client relationships, customer relations, sales, and marketing. DRI said Mr. Melgaard is a 19-year industry veteran who joined the company from Harland Financial Solutions, where he has served in various capacities since 1999, including vice president of servicing products and customer experience. He previously spent six years in senior management positions at several technology firms, including MaestroSoft, where he was president and chief executive officer. DRI can be found online at http://www.dridefault.com.

The Senate has confirmed Joseph Murin to be the new president of Ginnie Mae and Elizabeth Duke to be a member of the Federal Reserve Board. Mr. Murin was the owner and managing partner of Mortgage Settlement Network from 2004 through August 2007. The Pittsburgh-based company provides title, appraisal, and closing services. President Bush nominated the mortgage industry veteran to the Ginnie post back in October. The Senate also confirmed Ms. Duke, a Virginia community banker, so the Federal Reserve Board would continue to have five voting members once Fed governor Frederic Mishkin steps down on Aug. 31. The seven-member board currently has two vacancies. "In confirming Elizabeth Duke to a term through 2012, we are ensuring the Fed can function during these difficult economic times," said Senate Majority Leader Harry Reid, D-Nev.

Rodney A. Montag has been named an executive managing director of the recently formed Cantor Real Estate LLC, according to New York-based Cantor Fitzgerald LP. Launched in May, the group is pursuing investment opportunities in select real estate sectors (including distressed real estate investment loans) with "a value-add focus on development and redevelopment assets," Cantor Fitzgerald said. Mr. Montag, who has over 20 years of real estate acquisition and development experience, will lead the venture along with executive managing director Andrew N. Stark, with whom Mr. Montag worked closely at WCI Communities for over 10 years.

J. Christopher Hoeffel has been named president of the Commercial Mortgage Securities Association for 2008-2009. Mr. Hoeffel, a managing director at JP Morgan Chase, succeeded Leonard Cotton, vice-chairman of Centerline Capital, at the conclusion of CMSA's June convention, the association reported. He has been on the CMSA board of governors for the past six years. Mr. Hoeffel joined JP Morgan Chase in June after the acquisition of Bear Stearns & Co., where he had been global co-head of the Commercial Mortgage Department. Mr. Hoeffel previously worked for Eastdil Realty Inc. in New York and Walker & Dunlop Inc., a commercial mortgage banking firm in Washington.

Kevin T. Kabat, president and chief executive officer of Fifth Third Bancorp, Cincinnati, has been given the additional title of chairman of the board. Mr. Kabat replaces George A. Schaefer Jr., who retired from the board June 17 as part of a succession plan that began with his retirement as CEO in April 2007. Mr. Schaefer joined Fifth Third Bank in 1971 and was named president and CEO in 1989, the company said. Fifth Third also announced the appointment of James P. Hackett as lead director. Fifth Third can be found on the Web at http://www.53.com.

Wendy Worcester has joined Thompson National Properties LLC, Irvine, Calif., as chief administrative officer. Ms. Worcester had been consulting for various start-up companies on forecasting, planning, accounting, and fundraising since 2007, Thompson said. She was previously chief financial officer at Rent.com from its start-up until its acquisition by eBay in 2005, and she held various positions with financial institutions such as Bank of America, Hawthorne Savings, and Ernst & Young. Thompson National, a provider of real estate investment opportunities and asset management services, can be found online at http://www.tnpre.com.

Robert F. Little has been named to head the Real Estate Finance Group of Babson Capital Management LLC, an investment management firm based in Springfield, Mass., and Charlotte, N.C., at the end of the year. Mr. Little, 42, will replace the retiring Kenneth Hargreaves, who has led the group since 1991 and has been with the firm's real estate business since 1972, Babson said. Mr. Little, who has been with the group since 1987, is currently responsible for the origination, structuring, and distribution of high-yield commercial mortgage products. His previous experience includes the development and oversight of the real estate group's capital markets area. Assuming Mr. Little's responsibilities will be Clayton "Chip" Andrews, who joined Babson in March and had been chief operating officer and partner at Cheslock, Bakker and Associates, a real estate merchant bank.

Philip M. Cedar has been named a partner in the financial services practice of the New York office of Kirkpatrick & Lockhart Preston Gates Ellis LLP. Mr. Cedar joins K&L Gates from Bear Stearns, where he was a senior managing director in the company's legal department and a group practice leader for the mortgage- and asset-backed securities division. Mr. Cedar has counseled a wide array of financial institutions and professionals on matters such as structuring and securities trading and financing, the law firm said.

Rajinder Singh has been named to the newly created role of chief credit risk officer at GMAC Financial Services, the New York-based parent company of Residential Capital LLC. Mr. Singh joins GMAC from Genpact, where he served as head of global analytics services. He also spent four years at GE, where he was chief risk officer for GE Money Americas, head of risk management and decision sciences, and an officer of GE Capital. Mr. Singh also previously led risk management at U.S. Bancorp.