Paul T. Bossidy has resigned as president of loan review and due diligence firm Clayton Holdings. The news comes just a few months after the company's acquisition by private mortgage insurance giant Radian.
Chief Operating Officer (COO) Joseph D'Urso will assume leadership of Clayton as president, reporting directly to CEO S.A. Ibrahim, the company announced during its third quarter earnings report.
D'Urso has been in the financial industry for 23 years, spending the majority of that time in the mortgage and real estate capital market sectors. Prior to joining Clayton, D'Urso was president and COO of Green River Capital, a Clayton subsidiary. Prior to that, he held leadership roles in banking, loan trading, asset management and finance at Merrill Lynch and Goldman Sachs.
As president, D'Urso will be responsible for the overall strategic direction of Clayton.
Parent company Radian reported net income of $153.6 million, or $0.67 per diluted share, for the third quarter. Adjusted pretax operating income for the quarter was $147.2 million, consisting of $132.6 million of income from the Mortgage Insurance segment, $9.3 million of income from the Financial Guaranty segment and $5.3 million of income from the Mortgage and Real Estate Services segment, which comprises the results of operations for Clayton Holdings, which was acquired by Radian on June 30.