People

Charles M. Pinckney has been named chief operating officer of Baltimore-based Municipal Mortgage & Equity LLC and will also serve as MuniMae's interim chief financial officer.The CFO position is being vacated by Melanie M. Lundquist, who resigned after accepting a job as CFO with Haven Custom Homes Inc., MuniMae reported. Mr. Pinckney was most recently executive vice president in charge of the company's MMA Realty Capital business. He joined MuniMae in 2000 when it purchased Whitehawk Capital, a real estate finance business co-founded by Mr. Pinckney. MuniMae also announced the completion of audited financial statements for MuniMae TE Bond Subsidiary LLC, which holds a majority of the company's tax-exempt bond investments. MuniMae can be found online at http://www.munimae.com.

Terry Brubaker, president and chief operating officer of Gladstone Commercial Corp., McLean, Va., has been named vice chairman of the board, and George "Chip" Stelljes has been named to replace him as president.Mr. Brubaker will retain his positions as COO and secretary, and Mr. Stelljes will retain his post as chief investment officer, the company said. Mr. Stelljes was previously executive vice president of the company since its inception in 2003. Gladstone is a real estate investment trust that focuses on investing in and owning triple-net-leased industrial and commercial properties. It can be found on the Web at http://www.gladstonecommercial.com.

Randy Lightbody has been named executive vice president of reverse mortgages at Countrywide, America's Wholesale Lender, which offers reverse mortgages through Countrywide Bank FSB, Calabasas, Calif.Mr. Lightbody, who brings 20 years of experience as a senior mortgage banking executive, served most recently as managing director of prime wholesale and correspondent lending for New Century Mortgage. He was previously an executive director at Morgan Stanley, where he led sales efforts for the whole-loan conduit, and held executive positions at Bank One Corp. and PMI Mortgage Insurance, among other companies. Countrywide's wholesale channel, a subsidiary of Countrywide Financial Corp., can be found on the Web at https://www.cwbc.com.

The Federal Home Loan Bank of Indianapolis has selected its former chief financial officer Milton J. Miller II to be the bank's new president and chief executive officer.Mr. Miller first joined the Indianapolis bank in 1978 and served as CFO from 1985 to December 2006, when he retired. He is expected to assume his new duties July 16. "Miller's extensive experience in the financial markets will be a tremendous asset as the bank continues to address the challenges of the evolving financial and mortgage product marketplace," board chairman Paul Chabuesch said. The Indianapolis FHLBank has a mortgage purchase program and a $9.96 billion mortgage portfolio. Brian Fike has served as interim president and CEO since last November, when Martin Heger retired after 15 years as the bank's top executive. The FHLBank can be found on the Web at http://www.fhlbi.com.

Thomas W. Nadeau has been named president and chief executive officer of the mortgage banking and consumer lending divisions of Sovereign Bank.Mr. Nadeau was most recently executive vice president and managing director of the automotive finance and aviation lending groups, and he will retain his managerial responsibilities for those groups, Sovereign said. Since joining Sovereign Bank in 1997, Mr. Nadeau has held various responsibilities, including the establishment of the Structured Real Estate Group, which specializes in lending to real estate investment trusts. He was previously employed by Fleet Bank, BayBanks, and Plymouth Home National Bank. Sovereign Bank, based in Wyomissing, Pa., can be found online at http://www.sovereignbank.com.

J.P. Marinelli has been named managing director and head of the Real Estate Group of Citi Capital Strategies, New York.Mr. Marinelli has 24 years of experience in investment banking and corporate finance, including real-estate-related investment banking, Citi Capital said. He was most recently senior managing director of Horvath Hospitality and Leisure LLC. Mr. Marinelli previously led the real estate banking department of Berenson & Co., held a senior position in the real estate investment banking group at Prudential Securities, and developed the hospitality industry practice for PaineWebber's real estate investment banking group, Citi Capital reported. He also held various posts in London with Lehman Brothers and Kidder-Peabody/PaineWebber. Citi Capital can be found online at http://www.citicapitalstrategies.com.

Jess Hartmann has been named president of Mortgage Coach, a provider of mortgage planning software based in Irvine, Calif.Mr. Hartmann was most recently the chief executive officer of ISD Corp., a software development and services firm. Before joining ISD, he was the senior vice president and chief information officer at New Horizons, which Mortgage Coach said is the largest information technology training company in the world. The company pointed to Mr. Hartmann's "proven track record" of expanding companies and said it plans to use his expertise "to further penetrate the mortgage market and capitalize on the vast potential caused by the growing trend toward mortgage planning." Mortgage Coach can be found online at http://www.mortgagecoach.com.

Jeffrey B. Lane has been named chairman and chief executive officer of the troubled Bear Stearns Asset Management, according to The Bear Stearns Cos.Richard Marin, former BSAM chairman and chief executive officer, will remain with BSAM as a senior adviser to Mr. Lane. Before joining BSAM, Mr. Lane was a vice chairman of Lehman Brothers and chairman of Neuberger Berman Inc. He was previously vice chairman of Travelers Group and of the company's Smith Barney subsidiary. Merrill Lynch recently liquidated approximately $850 million in subprime-related assets seized from at least one Bear Stearns hedge fund after the fund failed to meet its margin calls. In a subsequent conference call, Bear Stearns chief financial officer Sam Molinaro said the Wall Street firm was trying to restructure the hedge fund (and a similar one) but that the process could take several months.

Robert M. Dunn has been named president of Oxford Funding Corp., a Houston-based asset resolution company specializing in the purchase and restructuring of subprime residential and commercial mortgage portfolios.Mr. Dunn was most recently the owner and manager of San Felipe Commercial Mortgage, which Oxford Funding recently announced its intention to acquire. He was previously president of Angelina Capital Corp., a mortgage lender, from 1992 to 1998. Oxford has also announced that it plans to acquire Huntington Financial Corp., a Houston-based commercial and residential mortgage broker. Oxford Funding can be found on the Web at http://www.oxfordfunding.com.

American Financial Realty Trust, Jenkintown, Pa., has reported that its president and chief executive officer, Harold "Hal" W. Pote, died suddenly and unexpectedly while vacationing with his wife this week in Turkey.Mr. Pote, 60, had served as president and CEO of the real estate investment trust since August 2006. The company's board of trustees announced the formation of an interim office of the president, consisting of Glenn Blumenthal, chief operating officer; Edward Matey Jr., general counsel; and David Nettina, chief financial officer. They will report to the board and to mortgage industry veteran Lewis S. Ranieri, the board chairman. The company can be found online at http://www.afrt.com.