Tuesday, December 26, 2017 1:28:26 AM
Mr. Gallagher is our Chief Executive Officer and has served as a director since May 2015. Mr. Gallagher previously served as a consultant of WMIH since November 21, 2014. Mr. Gallagher served as an Executive Vice President and member of the board of directors at Capmark from November 2014 until May 2015. Mr. Gallagher served as President and CEO of Capmark from February 2011 to November 2014. He was Executive Vice President and Chief Risk Officer of Capmark from March 2009 to February 2011. Prior to joining Capmark, Mr. Gallagher was the Chief Credit Officer of RBS Greenwich Capital from September 1989 to February 2009. Mr. Gallagher is a member of the Corporate Strategy and Development Committee.
https://www.sec.gov/Archives/edgar/data/1119605/000127727705000627/prosupp2005wl1.pdf
From the Wamu Long Beach LBMLT 2005-WL1 Prospectus page S-24:
"A financial guaranty insurance policy or policies (collectively, a ìNIMS Policyî) may be issued by the NIMS
Insurer, if any, covering certain payments to be made on NIMS which may be issued by an affiliate of the Depositor or
of Greenwich Capital Financial Products, Inc. or by one or more entities sponsored by an affiliate of the Depositor or of Greenwich Capital Financial Products, Inc. after the Closing Date.
What are NIMS?
DEFINITION of 'Net Interest Margin Securities - NIMS'
A security that allows holders to access excess cash flows from securitized mortgage loan pools. In a typical net interest margin securities (NIMS) transaction, excess cash flows from the securitized mortgage loan pools are transferred to a trust account. Investors in NIMS receive interest payments from this trust account.
BREAKING DOWN 'Net Interest Margin Securities - NIMS'
The creation of NIMS is facilitated by the fact that numerous securitized mortgage pools contain subprime mortgages with interest rates that are much higher than the typical rates offered to mortgage-backed security (MBS) investors. The bigger the difference in these interest rates, the more the excess cash flows generated by the MBS and consequently the higher the value of the NIMS. Of course, the value of the NIMS can decline rapidly if there is a significant increase in the default rate of the mortgages held in the MBS, and a subsequent decrease in excess cash flows.
Comment: LBMLT 2005-WL1 is one of the Deutsche Bank Trusts. It appears Mr. Gallagher, as Chief Credit Officer of Greenwich from 1989 to 2009, has a very intimate understanding of the DB Trusts.
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