EMC Mortgage Corporation Hires John Vella as President and COO.IRVING, Texas Irving (pronounced 'er-ving') is a city located in the U.S. state of Texas within Dallas County. According to the 2000 U.S. Census, the city population was 191,615; the 2006 estimate was 201,927 according to the North Central Texas Council of Governments, and 196,084 according to -- EMC (1) (EMC Corporation, Hopkinton, MA, www.emc.com) The leading supplier of storage products for midrange computers and mainframes. Founded in 1979 by Richard J. Egan and Roger Marino, EMC has developed advanced storage and retrieval technologies for the world's largest companies. Mortgage Corporation today announced that John Vella John Vella (born April 21, 1950 in Cleveland, Ohio) is a former offensive tackle who played for the Oakland Raiders of the National Football League between 1972 and 1979. Professional career His final year in the league, 1980, was spent with the Minnesota Vikings. is joining the firm as President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Mr. Vella has spent over 20 years in the mortgage industry. Additionally, EMC recently has added two new members to its Executive Management Team - Robert N. Pruett and William Glasgow, Jr. Both gentlemen have over 30 years of experience in the mortgage industry in various operational capacities. Mr. Vella most recently was the President and Chief Operating Officer for Aames Investment Corporation. Prior to that he was with Option One Mortgage Corporation where he acted as the Chief Sales Officer and Chief Administrative Officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive . Mr. Vella has also held senior positions at Household International, GMAC/RFC, Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. , Fleet National Bank and FDIC/FSLIC. Ralene Ruyle, Chairperson and Chief Executive Officer of EMC, said, "EMC's story has been one of significant growth. John, Bob and Bill have proven experience in operations and management and are known throughout the mortgage industry as proven leaders. I look forward to having them join our effort as we continue to strengthen our brand and expand our reach." EMC has experienced tremendous growth over the past few years. Since 2000 the unpaid principal balance of the total servicing portfolio has grown from $4.2 billion to $63.8 billion and loan volume has grown over sevenfold sevenfold Adjective 1. having seven times as many or as much 2. composed of seven parts Adverb by seven times as many or as much Adj. 1. . Commenting on these hires, Tom Marano, head of the Mortgage Department at Bear Stearns and an EMC Board Member, said, "EMC is an important component to Bear Stearns' mortgage franchise and has clearly thrived over the past few years. We recognize the importance of these key additions to our already strong management team in order to support our next wave of growth." Mr. Marano also announced today that Clayton Baker has joined Bear Stearns as senior managing director. Initially, Mr. Baker is leading several strategic initiatives designed to facilitate EMC's growth. Formerly a partner of Accenture and leader of its North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Credit Practice, Mr. Baker has more than 15 years experience working with many of the leading banks and mortgage companies in United States. Joining Mr. Baker's team are senior managing director Houman Talebzadeh and associate director Paul Nagai, former consultants with Accenture. Mr. Marano added, "This investment of resources reaffirms the commitment to our mortgage business. In this rapidly changing and highly complex environment in which we operate, we believe these proactive measures will facilitate our growth." About EMC Mortgage Corporation With staff of over 1,500 dedicated and talented professionals located in Irving and Lewisville, Texas, EMC Mortgage Corporation is committed to ensuring the servicing of homeowner's loans is done as efficiently as possible while maintaining the highest level of ethical practices and standards. Further information about EMC Mortgage Corporation is available on www.emcmortgagecorp.com. About The Bear Stearns Companies Inc. Founded in 1923, The Bear Stearns Companies Inc. is the parent company of Bear, Stearns & Co. Inc., a leading investment banking and securities trading and brokerage firm. With approximately $57.6 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. Through Bear, Stearns Securities Corp., it offers financing, securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. , clearing and technology solutions to hedge funds, broker-dealers and investment advisors. Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the company has approximately 12,000 employees worldwide. Further information about Bear Stearns is available on www.bearstearns.com. |
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