Prospect Mortgage Names Joseph J. Grassi, III, as Executive Vice President and General Counsel

SHERMAN OAKS, Calif., Dec. 17, 2014 /PRNewswire/ -- Today, Prospect Holding Company, LLC, and its subsidiary, Prospect Mortgage, LLC, one of the nation's largest independent mortgage lenders, today announced the appointment of Joseph J. Grassi, III, as EVP and General Counsel.

"Joe is a leader in the mortgage finance legal profession and we are extremely excited to have him join our team at Prospect," said Michael Williams, Chairman and CEO of Prospect Mortgage. "He has extensive experience working with his clients and with Boards, regulators, auditors and risk managers. Joe's depth of knowledge and leadership make him the ideal candidate to direct our legal and regulatory teams and help move our Company forward."

With over 25 years of commercial and residential real estate legal experience, Grassi joins Prospect Mortgage from Fannie Mae. During his tenure at Fannie Mae, Grassi held numerous legal positions with increasing responsibility.  

Most recently, Grassi served as Fannie Mae's Senior Vice President, Interim General Counsel and Corporate Secretary. In this position, Grassi led and managed the Legal Department and the Government and Industry Relations Department, which was comprised of more than 180 attorney and staff members. 

Grassi also held a leadership role in developing Fannie Mae's strategy for dealing with the national financial crisis. He was a member of Fannie Mae's Senior Management Group, providing strategic advice to the executive leadership team in charge of the single-family residential business.

Grassi received his JD and his bachelor's degrees from Villanova University. He is a member of the bar in the District of Columbia, Pennsylvania and New Jersey. 

About Prospect Mortgage
Headquartered in Sherman Oaks, CA, Prospect Mortgage is one of the largest independent residential retail mortgage lenders in the United States. It is a leading lender offering a full range of quality home loans, including FHA and VA, conventional, jumbo and super jumbo, renovation and more. Read more about Prospect at www.MyProspectMortgage.com. Follow us on Twitter @MyProspectMtg and visit us on Facebook, ProspectMortgage, for company updates. Prospect Mortgage is backed by Sterling Partners, a private equity firm with approximately $5 billion in assets and a distinct point of view on how to build great companies. Founded in 1983, Sterling has invested billions of dollars, guided by the Company's stated purpose: INSPIRED GROWTH®, which describes Sterling's approach to buying differentiated businesses and growing them in inspired ways. Sterling focuses on investing growth capital in small and mid-market companies in industries with positive, long-term trends – education, healthcare, and business services. Sterling provides valuable support to the management teams of the companies in which the firm invests through a deep and dedicated team of operations and functional experts based in the firm's offices in Chicago, Baltimore and Miami.

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SOURCE Prospect Mortgage

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