WASHINGTON — The Securities Industry and Financial Markets Association said Monday that it has hired Richard Dorfman as the managing director and head of its securitization group.
Until Friday, Dorfman had been the president of the Federal Home Loan Bank of Atlanta, a job he held since June 2007. The SIFMA Securitization Group is a trade group focused on originators of consumer and credit loans, and includes investors in securitized products, intermediaries and liquidity providers.
"We are very pleased to have Richard join SIFMA," Tim Ryan, the association's president, said in a press release. "With this addition, SIFMA is even better positioned to address the securitization issues that are currently the focus of regulators and policymakers in Washington and to offer insights into those issues which will help provide for necessary reforms yet preserve the ability of financial markets to remain liquid and drive capital formation."
Dorfman's departure leaves the Atlanta Home Loan Bank without a permanent president for the second time in three years. Dorfman joined the bank shortly after Raymond Christman resigned as president of the bank.
The Atlanta Home Loan Bank disclosed Friday that Dorfman intended to leave immediately. Sources said his three-year agreement was set to expire in the next two months.
Jill Spencer, the bank's executive vice president and general counsel, was named interim president and CEO while the bank's board looks for a permanent successor. She has been the bank's chief strategy officer since August 2008, and before that was its chief operating officer and corporate secretary.
In his new role, Dorfman will be focused on advocacy for the SSG's members, and undertaking efforts to address market issues and restoring the securitization market, the group said.
"Richard is an excellent addition to the SSG," Randy Snook, executive vice president at SIFMA, said in the press release. "As both a leader and a very experienced subject matter expert, Richard is a great asset to our securitization group."
Dorfman previously was a managing director and head of the U.S. agencies and mortgage business at ABN Amro. He has also worked in the mortgage division of Lehman Brothers and as an attorney at the Federal Deposit Insurance Corp.