People

Frederic R. "Rick" McGill has been named president of Downey Financial Corp., Newport Beach, Calif., and its wholly owned thrift subsidiary, Downey Savings and Loan Association FA, effective Oct. 29.Mr. McGill will replace Daniel D. Rosenthal as president of the two entities, but Mr. Rosenthal will continue as chief executive officer of Downey and the thrift, Downey said. Mr. McGill has over 30 years of experience in the finance industry, most recently as a consultant to Banco Popular North America. He was previously president and chief executive officer of Quaker City Bancorp and Quaker City Bank until the holding company's sale to Banco Popular. Downey can be found on the Web at http://www.downeysavings.com.

Shawn Matthews and Scott Moore have been promoted to senior managing directors and co-heads of Cantor Fitzgerald's mortgage-backed securities sales and trading business.The company said the promotions were made in conjunction with a "renewed commitment" to the MBS market. Mr. Matthews is based in New York, and Mr. Moore is based in Chicago. "The dislocation of the mortgage-backed securities market is a tremendous opportunity to capitalize on Scott's and Shawn's superb capabilities," said Howard W. Lutnick, chairman and chief executive officer of Cantor Fitzgerald. The company can be found on the Web at http://www.cantor.com.

Jeffrey M. Peek, chairman and chief executive officer of CIT Group Inc., has resigned from the board of directors of Freddie Mac, citing a desire to avoid the appearance of a conflict of interest in connection with a proposed purchase by Freddie of securities backed by CIT mortgages.CIT Group has announced an agreement to sell Freddie Mac $3.5 billion to $4.2 billion of triple-A rated securities backed by approximately $6 billion of residential mortgages. Richard F. Syron, chairman and CEO of Freddie Mac, expressed disappointment that Mr. Peek would be leaving the board and praised his "experience and insight," which he said have been "enormously valuable to Freddie Mac." The government-sponsored enterprise can be found online at http://www.freddiemac.com.

Peter Muriungi has been named senior vice president at EMC Mortgage, Lewisville, Texas, and he will head the company's Financial Analytics and Structured Transactions (F.A.S.T.) and business information teams.Since joining EMC in 1999, Mr. Muriungi has been involved with the development and deployment of default risk models, deal performance analytics, and other valuation models as part of the F.A.S.T. and business information groups. EMC, a subsidiary of Bear Stearns, developed the F.A.S.T. system.

James Ferris has been named executive director of NeighborWorks Capital, the newly formed real estate development financing arm of NeighborWorks America.Mr. Ferris, 50, joined the organization from the Fannie Mae Foundation, where he had been senior director of national initiatives since 2004. He is based in Washington, D.C. NeighborWorks Capital is the result of a recent merger of Neighborhood Capital Corp. and RNA Community Builders, which served NeighborWorks organizations enrolled in specific initiatives such as multifamily real estate development and rural housing and community development. In contrast, NeighborWorks Capital will serve the full range of real estate development activities, including affordable rental housing, affordable homeownership housing, and commercial projects, NeighborWorks America said. It will also offer new products to serve its expanded market. The parent organization can be found online at http://www.nw.org.

Peter DiMartino, a well known research analyst, has been named senior managing director and asset-backed and mortgage credit strategist at Bear, Stearns & Co.Mr. DiMartino was most recently the chief asset-backed security/mortgage credit strategist at RBS Greenwich Capital for four years. He was previously employed for 14 years at Citigroup (formerly Salomon Brothers), where he was a director and head of the ABS and Mortgage Credit Research group, Bear Stearns said. Bear can be found on the Web at http://www.bearstearns.com.

Landon V. Taylor has been named president of the Strategic Markets Division of First American Title Insurance Co., Santa Ana, Calif.Mr. Taylor, who has also been appointed to First American Title's board of directors, will head "an aggressive, national market-penetration strategy" aimed at advancing the company's position in the multicultural real estate market, First American Title said. He has been responsible for the company's "strategic markets business strategy" since 2003, and held other executive posts since joining First American 10 years ago as a branch manager. Mr. Taylor was also "instrumental in the formation" of the National Association of Hispanic Real Estate Professionals and the Asian Real Estate Association of America, among other organizations, the company said. First American Title is the largest subsidiary of The First American Corp., which can be found online at http://www.firstam.com.

The Office of Federal Housing Enterprise Oversight's top supervisor, Leonard Reid -- who has been overseeing Fannie Mae's and Freddie Mac's efforts to correct their accounting problems -- is retiring, according to the agency.Mr. Reid joined OFHEO in 2001 and became the agency's first director of supervision in March 2006. "I am very grateful for his stewardship during the completion of the special examination of Fannie Mae and his leadership in overseeing the remediation efforts under way at Fannie Mae and Freddie Mac," OFHEO Director James Lockhart said. In other personnel news, Freddie Mac said it has hired Patti Saylor to be vice president with responsibilities for multifamily customer and product strategy. Ms. Saylor was previously a managing director at Centerline Capital Group, New York.

Wachovia Securities, Charlotte, N.C., has announced the appointment of four managing directors to head up its newly integrated commercial real estate platform, which consists of two business lines: Real Estate Americas and Real Estate Asset Management.Lawrence Gray and Robert Verrone have been named co-heads of Real Estate Americas, Leslie Fairbanks has been named co-head of Real Estate Asset Management, and Dan Sullivan has been named interim co-head, effective Oct. 1, of Real Estate Asset Management. Real Estate Americas includes coverage teams for all domestic real estate clients, commercial mortgage-backed securities, structured finance, real estate corporate banking, tax credit and agency finance, real estate syndications, and sales and trading of real estate collateralized debt obligations, the company said. Real Estate Asset Management includes CMBS servicing, construction loan underwriting, and construction loan portfolio management. Wachovia Securities can be found on the Web at http://www.wachovia.com.

Donna Brandin, executive vice president and chief financial officer of Equity Residential, a Chicago-based real estate investment trust, has resigned effective Sept. 14.The company said Ms. Brandin is resigning "to pursue other professional and personal interests, not as a result of any disagreement with the company regarding financial or accounting practices." John G. Lennox, 53, a senior vice president of financial planning and analysis, will serve as interim CFO, and the company said it will immediately conduct a search for a replacement CFO. Mr. Lennox has held various positions in more than 23 years at Equity Residential and its predecessor companies, the company said. The REIT can be found online at http://www.equityresidential.com.