A new company was launched by the former president of the Government National Mortgage Association and the former commissioner of the Federal Housing Administration — both Bush administration appointees. The new venture provides help for mortgage firms that are struggling to navigate an evolving regulatory environment.
The formation of The Collingwood Group LLC was announced today in a news release.
The company, based in Washington, D.C., said it will be providing consulting services to boards of directors and senior executives of financial services companies. It hopes to capitalize on the need for such firms to work more closely with the federal government as the regulatory environment continues to change.
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Collingwood will specialize in secondary market activities as well as capital market activities, mortgage servicing and default servicing. It will also handle risk and loss management and business and technology planning and development. Serving as one of four managing directors of Collingwood is Joseph Murin. Murin was appointed chief executive officer of Ginnie Mae by President George W. Bush in 2008, and he just resigned from the post this month. Under Murin, issuance at Ginnie soared from $24.9 billion in July 2008 to $44.2 billion last month. |
Collingwood photo of Joseph Murin |
Collingwood photo of Brian Montgomery |
A second managing director, Brian Montgomery, was FHAÂ commissioner from June 2005 until last month when he was replaced by President Barack Obama’s nominee David H. Stevens. Montgomery was also appointed by the Bush administration. Montgomery noted that the company helps clients “effectively navigate the business and public policy environment in some of the most challenging economic conditions the nation has ever known.” Two other managing directors, Brian O’Reilly and Tim Rood, co-founded the consulting firm Capital Financial Solutions LLC in 2007. Capital Financial was immediately merged into Collingwood. |
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O’Reilly previously served as director of automated underwriting and risk management solutions at Fannie Mae, while Rood was previously an executive with First American and Fannie’s eBusiness division.
Services to existing Capital Financial clients will be expanded to include fraud risk management, risk management analytics and mortgage fulfillment services. In addition, REO management and disposition and loan modification management will be provided.
