This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ellington Management Group Names Steven M. Abreu Head Of Mortgage Originations

OLD GREENWICH, Conn., May 23, 2013 /PRNewswire/ -- Ellington Management Group today announced that Steven M. Abreu, 48, the former president of GMAC Mortgage, has joined Ellington in a new role as Head of Mortgage Originations.

Abreu will lead the firm's efforts to acquire one or more mortgage originators.  It is anticipated that any such acquisitions will be made by Ellington Financial (NYSE: EFC), and that post-acquisition Abreu will oversee both agency and non-agency mortgage originations, including refinancings, purchase loans, and retention of servicing rights.   

"Steve brings exceptional expertise to Ellington in his ability to acquire and manage mortgage origination platforms.  His extensive experience will complement and expand our existing mortgage business," said Michael Vranos, Ellington Management Group's CEO.  "Ellington Financial, with its flexible corporate structure and over $650 million of equity capital following its recent capital raise, will benefit greatly from having its own mortgage origination and servicing platform.  The mortgage origination business is not only profitable in its own right, but over time will provide Ellington Financial with a steady pipeline of attractive long-term investments." 

Prior to joining Ellington, Abreu was President of GMAC Mortgage from 2009 to 2013.  During Abreu's tenure, GMAC was the fifth largest servicer and the fourth largest originator in the United States.  Prior to that, Abreu was CEO and President of GreenPoint Mortgage Funding, Inc.  

"I saw a unique opportunity with Ellington, as it is a firm that brings analytical and capital markets expertise to the front end of the mortgage origination process," said Abreu.  "I am excited to work with the Ellington team to identify and acquire high-quality loan originators, and ultimately to create a top-tier mortgage originator.  The mortgage industry continues to undergo rapid change and I am confident that we can build an origination and servicing platform that will adapt to those changes and will better meet the needs of the consumer."

About Ellington Management Group, LLC

Ellington Management Group is an investment and advisory firm dedicated to generating attractive, risk-adjusted total returns for our investors.  Ellington manages portfolios of agency and non-agency residential mortgage-backed securities and opportunistically invests in other target assets, such as commercial mortgage loans, commercial mortgage-backed securities, other asset-backed securities, and direct investments in single-family and multi-family real estate. In addition, Ellington utilizes systematic strategies to invest in equity and futures markets.  Ellington was founded in 1994 by Michael Vranos and is based in Old Greenwich, Connecticut.

SOURCE Ellington Management Group, LLC

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,162.99 +121.45 0.67%
S&P 500 2,123.48 +19.28 0.92%
NASDAQ 5,106.5930 +73.8420 1.47%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs