@Jennifer Davila
Here's the founder of HomePartners.com: (He helped 'erode Glass- Steagall banking regulation co-created 'mortgage backed securities' and is now into the very (lease to own) 'rentals' the banks scammed with KKR, etc. (Most likely very typical for these 'bank created' institutions that bought- up homes, etc. after they were foreclosed on... while keeping the prices high, following the bankster's latest 'bubble reinflation,' post 2008?) And of course the DTC, DTCC and Cede and Co. now own 98%+ of North American mortgages after their numerous staged 'crashes' in the last century plus... but I digress.)
"Mr. Ranieri, who now runs several businesses that invest in real estate and mortgages.
He started at Salomon as a part-time mail-room clerk in 1968, rising to become a vice chairman. He devoted four years to creating the first residential mortgage-backed security, which debuted in 1978, and spent much of the next six years shuttling to Washington and getting federal laws changed to make selling the securities easier. In his meetings with lawyers, regulators and elected officials, Mr. Ranieri often crossed paths with another financial innovator who was trying to get a new product off the ground: Michael (Bilkin) Milken, the father of the modern junk-bond market.
“I think we both know more ways to get rejected than anybody,” Mr. Ranieri says.
It didn't take long for Salomon to find another use for the securitization concept: financing commercial mortgages for office buildings, apartment houses and shopping malls. Salomon's first CMBS deal was a small affair, in which it sold $25 million in mortgages for a now-defunct bank. But by the mid-1980s, Mr. Ranieri and his team raised nearly $1 billion through a CMBS transaction for Olympia & York, one of the largest developers in the world at the time..." From mail room clerk, to Vice Chairman of Saloman.
"Mr. Ranieri's influence manifested itself in the commercial market in other ways, too, as traders from Salomon's thriving mortgage desk dispersed to play prominent roles elsewhere.
Among them was Andy Stone, who landed at the Manhattan office of Daiwa Securities in 1990 and took the market in another new direction. He started buying up loans on mobile homes and apartment houses from Resolution Trust Corp. in Washington and packaging them into securities.
The RTC had been set up by the government in 1989 to take over mountains of soured loans from failed savings and loans. Mr. Stone and others purchased those loans for pennies on the dollar, then bundled and sold them to investors at a profit. “Andy was brilliant,” Mr. Ranieri says. “He was always taking it to the next level...”
Please see the linked articles I previously posted on this thread, for quotation references.
