October 13, 2009 06:00 ET

Former Bear Stearns Residential Mortgage CEO and Former Lone Star Funds Veteran Launch Mortgage Platform for First Arizona Savings

PHOENIX, AZ--(Marketwire - October 13, 2009) - Jeff Walton, the former CEO of Bear Stearns Residential Mortgage and Greg Russell, formerly a Managing Director of Hudson Advisors, the asset management operation for Lone Star Funds, announced today that they have joined forces with First Arizona Savings FSB to launch a residential mortgage origination platform, focused on opportunities in the Western U.S. with plans to expand nationally.

The mortgage origination platform, National Residential Mortgage, a division of First Arizona Savings FSB, will be led by Mr. Jeff Walton and headquartered in Phoenix, Ariz. The former Executive Team from Bear Stearns Residential Mortgage has joined Mr. Walton in the new venture, along with Mr. Steve Atwood, a former Executive at National City Mortgage. Mr. Atwood will direct production activities for National Residential Mortgage and Mr. Greg Russell, a partner in the transaction, will serve in an advisory role to the new platform.

In a statement announcing the launch of National Residential Mortgage, the group commented on the significance of a depository and the importance of a proven management team. "In launching a new platform, it is imperative to have an experienced Executive Team that has been together for many years with a proven track record of building and running successful mortgage operations," said Mr. Michael Nelson, President and CEO of First Arizona Savings. Mr. Walton added, "In this changing regulatory environment, it is also essential to have a national charter with regulatory preemption -- and we are fortunate to partner with First Arizona Savings, which has strong ownership and is located right in our own back yard."

Mr. Russell remarked on the timing of the launch and the scalability of the new platform, "Looking out over the next few years, having access to stable funding at an attractive cost of funds will be necessary to build a highly competitive and scaleable mortgage operation. Additionally, we like where we are in the residential collateral cycle and believe now is a good time to create a high-quality servicing portfolio."

First Arizona Savings is a full service Federal Savings Bank, first chartered in 1988 to serve the housing finance needs of the communities it serves. First Arizona Savings FSB is headquartered in Scottsdale, Ariz. with several branches serving communities throughout Arizona.

Contact Information

  • Contact:
    Brooke Palmer
    National Residential Mortgage,
    a division of First Arizona Savings FSB
    800-280-2800
    Email Contact