Knight Capital Group, owner of top-10 reverse mortgage lender Urban Financial, announced today that it has appointed former Bank of America HMBS trader C. Darren Stumberger to join Knight’s securities team as a managing director and mortgage trader.
“Knight is expanding upon the firm’s position as a leading provider of reverse mortgages and HMBS securities in a growing market,” said Bob Lyons, co-head of global fixed income for Knight. “Darren’s specialized experience in HMBS will help advance our efforts at a time of great opportunity. Upon joining Knight, he will oversee securitization, pricing, valuation, trading and risk management.”
Stumberger was formerly responsible for trading and risk management of reverse mortgages in global banking and capital markets at Bank of American Merril Lynch. In his new role, he will trade mortgage and structured products as part of Knight’s asset-backed securities/mortgage-backed securities team, with a focus on the company’s growing reverse mortgage and HMBS business. In the past, he worked in trading and analysis of mortgage-backed securities for KBC Group, Goldman Sachs and Morgan Stanley.
Stumberger will be based in Knight’s New York City office.
Written by Elizabeth Ecker