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Executive Actions

Recent mortgage executive hirings and firings

March 6, 2009

By staff

Bank of America Corp. shuffled some of its top mortgage executives, while the parent of Residential Capital LLC found a new treasurer. A Swiss bank has replaced its top brass, and two firms have new technology executives.

BoA's wholesale lending executive, Todd Dal Porto, has moved to the retail mortgage structure as west division retail sales executive, a spokesman said in a statement to The wholesale operation will now fall under Third-Party Origination Executive Doug Jones, who already oversaw the correspondent mortgage and warehouse lending divisions.

Barbara Desoer is president of the combined BoA and Countrywide operation -- which will be re-branded as Bank of America Home Loans on April 27 and is "one of three or four broad business divisions within Bank of America" that she oversees, the spokesman said.

Jeffrey Brown was appointed corporate treasurer of ResCap-parent GMAC Financial Services, an announcement Monday said. Brown, who will report to GMAC Chief Risk Officer Sam Ramsey, was corporate treasurer at BoA -- where he worked for 10 years.

Gary L. Lackey was terminated as president and chief executive officer of Granite Mortgage Inc., a filing with Securities and Exchange Commission last month by parent Bank of Granite Corp. said. Lackey, who reportedly left on good terms, will receive $432,000 in severance pay.

Residential Finance Corp. appointed David M. Rose as chief technology officer, a statement this week said. He has previously held similar positions at other companies and also worked for National City Bank.

After losing more than $17 billion last year, UBS announced Wednesday that Peter Kurer will not stand for re-election as chairman. Kurer, who was in the job for just one year, will likely be replaced by Kaspar Villiger.

Last month, the Swiss bank dumped CEO Marcel Rohner and replaced him with Oswald J. Grübel.

Richard E. Bolton Jr. was named president and CEO of Lowell Co-operative Bank after receiving state and federal regulatory approval to re-capitalize through a supervisory stock conversion, a recent press release said. Bolton replaces Richard P. Coughlin, who will stay on during a transitional period.

Lender Processing Services Inc. Chairman William P. Foley II will retire on March 15, an announcement Wednesday said. Lee A. Kennedy will replace Foley.

Fran Sullivan was hired to fill the newly-created position of chief information officer at Wolters Kluwer Financial Services, a statement Wednesday said. He started with the Minneapolis-based company in 2005 and previously worked at Omego LLC and Fidelity Investments.

Mission Capital Advisors LLC said in a Feb. 19 announcement that it hired Jason Cohen as a managing director. A Feb. 24 news release from the company said Chad Coluccio was also hired as a managing director. Cohen and Coluccio will work from Mission's New York office.

Shelley Kaye was named president of REOMAC, a news release last month from the trade group said. It's the second year in the gig for Kaye, who also is employed by InSource Financial Services LLC.

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