MortgageIT Holdings Appoints John K. Darr to Board of Directors
December 09 2005 - 2:38PM
PR Newswire (US)
NEW YORK, Dec. 9 /PRNewswire-FirstCall/ -- MortgageIT Holdings,
Inc. (NYSE:MHL), a residential mortgage real estate investment
trust (REIT), today announced the appointment of John K. Darr to
its board of directors. Mr. Darr currently serves as CEO and
Managing Director of the Federal Home Loan Bank System's Office of
Finance, a position he has held since 1992. Following today's
announcement, the board of MortgageIT Holdings will be comprised of
nine members, eight of whom, including Mr. Darr, are independent of
management. Mr. Darr also will serve as a member of MortgageIT
Holdings' Audit Committee of the board. "John Darr is a
distinguished financial services executive who has facilitated the
transformation of the FHLB System into a major source of funding
for the nation's banking industry," said Doug Naidus, Chairman and
Chief Executive Officer of MortgageIT Holdings, Inc. "We are
delighted to add his high level of financial and strategic
experience to our board and we look forward to his insight and
future contributions." During Mr. Darr's tenure at the Office of
Finance, he has overseen the System's growth into one of the
largest issuers of debt securities in the world, inventing new debt
instruments and swaps capabilities to maximize funding
effectiveness, while developing new technology to facilitate
changed issuance practices and increased activity volume. His
career spans over thirty-five years in capital markets and
financial management. After serving in the U.S. Navy during the
Vietnam War, he returned to his native Pennsylvania to work in a
commercial bank bond department. Since then, he has had a variety
of experiences with U.S. financial institutions, including: serving
as Treasurer, FHLB San Francisco in the mid-1970s; playing a key
role in the recapitalization and initial public offering of Sallie
Mae in the early 1980s; serving as the CFO of major financial
institutions on both coasts; managing mortgage finance at a Wall
Street investment bank; and starting a money management firm. About
MortgageIT Holdings, Inc. MortgageIT Holdings, Inc. (NYSE:MHL) is a
self-administered mortgage real estate investment trust ("REIT")
focused on the residential lending market. The Company
self-originates its investment portfolio of high quality adjustable
rate mortgage ("ARM") loans through MortgageIT, Inc., its wholly
owned residential mortgage banking subsidiary. MortgageIT, Inc. is
a full- service residential mortgage banking company that is
licensed to originate loans throughout the United States.
MortgageIT Holdings is organized and conducts its operations to
qualify as a REIT for federal income tax purposes. MortgageIT is
organized and operates as MortgageIT Holdings' taxable REIT
subsidiary. For more information, please visit
http://www.mortgageitholdings.com/. DATASOURCE: MortgageIT
Holdings, Inc. CONTACT: Investors: Sean McGrath, +1-646-346-8700;
Media: Ted Stacer, +1-646-346-7653, both of MortgageIT Holdings,
Inc.; Joe LoBello, Brainerd Communicators, Inc., +1-212-986-6667,
for MortgageIT Holdings, Inc. Web site:
http://www.mortgageitholdings.com/
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