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Lehman Brothers has seen a changing of the guard at the head of its global fixed income division, a market area generally hit hard by the U.S. mortgage woe-sparked credit crunch. Roger Nagioff has retired, citing personal reasons, and the firm has promoted one of the unit¹s co-chief operating officers, Andrew J. Morton, to succeed him. In addition, Lehman has named as co-heads of fixed income for Europe and the Middle East: Georges Assi, the global head of the collateralized debt obligation and structured credit businesses and head of credit products for Europe and the Middle East; and Kieran Higgins, head of interest rate products for Europe and the Middle East. Both Mr. Higgins and Mr. Assi will continue to serve in their previous roles.

Mortgage Assistance Center Corp., Dallas, has hired Dennis D. Downey as executive vice president and chief operating officer. He was the founder and chairman of Downey Capital Corp., where he handled the marketing, structuring and closing of commercial real estate financing transactions using a broad range of funding programs. In the late 1980s into the early 1990s, Mr. Downey was the southwest regional director of servicing and real estate owned activities for Freddie Mac. Mr. Downey also currently serves on the board of Lanier Capital REIT Inc.

Thomas B. Akin, the chairman of Dynex Capital Inc., Glen Allen, Va., has added the chief executive title for the company, effective immediately. "I appreciate the Board's confidence in me to lead Dynex forward as the Company grows and diversifies its investment strategies. The current investment environment is quite friendly to a mortgage REIT investment strategy, and I look forward to the opportunity. We appreciate our shareholders patience over the recent past as we waited for the investment cycle to improve. We are excited about the prospects for Dynex and look forward to growing the Company and increasing value for our shareholders," he said. Separately, Dynex's indirect subsidiary, GLS Capital Inc. received $1.625 million from Allegheny County, Pa. for the sale of substantially all of the remaining tax liens that GLS Capital previously owned in Allegheny County. Additional information about the company is available at http://www.dynexcapital.com.

Former California state treasurer Phil Angelides has joined Canyon Capital Realty Advisors, Los Angeles, as a principal of the firm and as chairman of a new fund that has ties to community development executive and former professional basketball player Earvin "Magic" Johnson. The new Canyon-Johnson Urban Communities Fund is slated to focus on acquiring, improving and "greening" residential rental and mixed-use properties in urban communities across the United States. Canyon can be found on the Web at http://www.canyonpartners.com.

David Shillington has been named senior vice president and director of agency lending at KeyBank Real Estate Capital, Cleveland. Mr. Shillington will relocate from Key's office on Charlotte, N.C., to work with the Dallas-based agency lending department, the company said. A 20-year industry veteran, Mr. Shillington has spent the past several years with the bank's Institutional Group. Before joining Key, he was the director of agency executions for Bank of America. KeyBank is a subsidiary of KeyCorp, which can be found on the Web at http://www.key.com.

Fannie Mae president and chief executive Daniel Mudd will receive total compensation of over $12.2 million for 2007, the vast majority of it coming from a performance bonus and incentive award, Fannie Mae has announced. The government-sponsored enterprise said its board of directors has established Mr. Mudd's 2007 bonus at $2,227,500 and his 2007 long-term incentive award at $9 million. Added to his base salary of $990,000, the bonus and incentive award bring his total compensation to $12,217,500 for last year. Fannie said Mr. Mudd's compensation for 2006 totaled $14,449,947. The GSE can be found online at http://www.fanniemae.com.

Dana Dillard has been promoted to executive vice president of the Office of the Customer at EMC Mortgage Corp., Lewisville, Texas. Ms. Dillard will manage a staff of 200 and oversee the departments of customer care, customer advocacy network, customer research, and customer communication, the company said. With eight years at EMC Mortgage and more than 21 years of industry experience, Ms. Dillard previously served as vice president of customer service and training at Lomas Mortgage USA and vice president of customer service at Bank of America Mortgage, among other posts.

Angelo Mozilo, Countrywide Financial Corp.'s chairman and chief executive, has announced that he will voluntarily relinquish his rights to about $37.5 million in compensation in connection with the proposed merger of Countrywide and Bank of America. The compensation, in the form of severance payments, post-closing consulting fees, and continued perquisites, is provided under his employment agreement with Countrywide and the related consulting arrangement, Countrywide said. The company added that Mr. Mozilo will not receive any cash payments in the merger or upon any related termination of employment other than "amounts that he has already earned in full," such as retirement benefits and deferred compensation. "I believe this decision is the right thing to do as Countrywide works toward the successful completion of the merger with Bank of America," Mr. Mozilo said. The company can be found online at http://www.countrywide.com.

David Pope has been named president of Wachovia Mortgage and Retail Credit, according to Wachovia Corp., Charlotte, N.C. Mr. Pope will be responsible for leading the daily sales, fulfillment, retention, service, and operational aspects of the mortgage and retail credit businesses, the company said. A 20-year veteran of Wachovia, he was most recently head of Wachovia's Business Banking Group. Wachovia can be found on the Web at http://www.wachovia.com.

Jack Kemp, who was secretary of housing and urban development in the George H.W. Bush administration, is becoming a spokesman for Generation Mortgage Co., an Atlanta reverse mortgage specialist. "A strong advocate of the housing industry, Jack is a natural fit for us as he was deeply enmeshed in affordable housing issues, housing finance, and home ownership when he served as U.S. housing secretary from 1989-1993," said Jeffrey Lewis, chairman of Generation Mortgage. Mr. Kemp ran for vice president in 1996, was a member of the House of Representatives from 1971 to 1989, and prior to that played quarterback for a number of National Football League and American Football League teams, most notably the Buffalo Bills.