EMC Hires New President

EMC has started the second quarter with a new executive line up; along with John Vella taking over as President and COO, the Executive Management team will include Robert Pruett and William Glasgow, each with more than 30 years in the mortgage industry. Most recently, Mr. Vella held the offices of President and COO for Aames Investment Corporation. He was also the Sales Officer and CAO for Option One Mortgage. He has also held many senior positions with Freddie Mac, Fleet National Bank and FDIC.

Over the past few years, EMC has experienced tremendous growth. Unpaid principal balance of their total portfolio has gone from $4.2 billion in 2000 to $63.8 billion in 2005. Clayton Baker has also joined Bear Sterns, a mortgage franchise of EMC, as a senior managing director. Mr. Baker has more than 15 years in the mortgage industry, and was formerly a partner of Accenture and leader of its North American Credit Practice. Senior managing director under Mr. Baker has been assigned to Houman Talebzadeh and associate director Paul Nagai, both former consultants of Accenture.