Shannon, which will operate out of offices in Bellevue, Washington, plans to begin operations in the first quarter of 2011.
Annaly chairman, CEO and president Michael Farrell said Shannon plans to provide funding to smaller participants in order to help them generate well-underwritten mortgage product. As opportunities present themselves in the future, Shannon will expand its strategy and operations into additional markets.
Shannon will be led by Bruce Watterson, a who most recently was a managing director at LPS Capital Markets, a division of Lender Processing Services.
Watterson has over 25 years of experience in mortgage banking, diligence, servicing and technology. He was founder of Watterson-Prime, which provided due diligence, portfolio stratification and other consulting services to buyers and sellers of financial residential and commercial mortgage assets.
He also launched Watterson-Prime Software, a software and technology company serving the asset-backed finance industry. His prior experience includes senior positions in the mortgage, hedging and structuring groups at First Boston and Shearson Lehman Hutton, as well as head of the due diligence practice at PricewaterhouseCoopers, LLP.
