WaMu Capital Corp., the mortgage-backed securities trading subsidiary of Washington Mutual, continues to flesh out its nascent MBS effort. It has hired whole-loan collateralized mortgage obligation trader and structurer David Nagle from Banc of America Securities, says group chief Tim Maimone. Nagle had left the firm and was unavailable to comment. A call to Pat Augustine, head of B of A's MBS group, was not returned. Maimone says Nagle will be in charge of developing the firm's whole loan CMO strategy, including structuring and trading.
WaMu also hired Jack Donahue to trade Ginnie Mae's. Donahue most recently worked at Credit Suisse First Boston, leaving during a round of layoffs last November (BW, 11/3). He will report to trg boss John Drastal. Maimone says that both will be based in Seattle, until the firm's New York office space is ready in about six months.