Great American Stays Bullish on Mortgages
Great American Bank, the large San Diego thrift, may have its troubles, but it is hardly abandoning the mortgage market.
David J. Ruml, the thrift's new executive vice president of residential lending, said the thrift plans to originate more than $1 billion of mortgages this year, eventually selling most of them in the secondary market.
The target is just half of what Great American originated two years ago, but it is surprisingly strong for a thrift that is often called a seizure candidate. The $10 billion-asset Great American fails to meet all three capital requirements for thrifts.
Mr. Ruml, the latest member of a new management team, expressed confidence in both Great American and his own career.
"This is one of the most secure jobs I've had in a long time," he said. "I've been running dead thrifts in Texas."
Most recently, he was chief executive of Metropolitan Financial Federal Savings and Loan Association, Dallas.