Countrywide Securities, the debt capital markets arm of mortgage lending giant Countrywide Credit Industries, has tapped several Street pros to fill newly-created slots in its MBS sales and structuring units at its Los Angeles headquarters. On the sales side is Jim Tennille, a former pass-through trader in Charlotte for several years with First Union Capital Markets, who started last Monday. He reports to national sales head Mack Humphries; at First Union, he reported to MBS trading chief Tim Coyne. Coyne says that he has assumed Tennille's duties, and wouldn't comment on his departure. Tennille says although a switch from trading to sales is a challenge, the combination of working at a shop with "an intense concentration in one product area that is expanding rapidly" was too good to pass up.
On the issuance side, Jeff Traister joined last Monday as a structurer in their structured products department, where he will work on the firm's transactions in private-label ABS, CMO's and home-equity loans. Traister joins from Washington Mutual, where he worked as a portfolio manager on the firm's $40 billion whole loan adjustable rate mortgage securities portfolio in both Seattle and Los Angeles. Senior mortgage finance executives at WAMU's headquarters in Seattle noted that Traister's duties would be handled internally, but were uncertain as of press time who would replace him; they would not comment on his departure. He will report to Nancy Dliban, the head of the firms structuring desk.