Congressman Edolphus Towns Joins MortgageIT Holdings Board
22 September 2005 - 5:38AM
PR Newswire (US)
NEW YORK, Sept. 21 /PRNewswire-FirstCall/ -- MortgageIT Holdings,
Inc. (NYSE:MHL), a residential mortgage real estate investment
trust (REIT), today announced that United States Congressman
Edolphus "Ed" Towns (D-NY) has joined its board of directors.
Congressman Towns, who represents the 10th Congressional District
of New York, brings more than twenty years of public service and
community leadership to the board of MortgageIT Holdings.
Congressman Towns will replace Mark C. Pappas, who is voluntarily
stepping down as a member of the company's board of directors. Mr.
Pappas will continue on in his management role as an Executive Vice
President of MortgageIT, Inc., the company's residential mortgage
banking subsidiary. Following today's announcement, the board of
MortgageIT Holdings will be comprised of eight members, seven of
whom, including Congressman Towns, are independent of management.
"Congressman Towns is an outstanding public servant whom we've all
admired for his hard work, dedication and service to the people and
communities of New York and throughout the United States," said
Doug Naidus, Chairman and Chief Executive Officer of MortgageIT
Holdings, Inc. "My colleagues and I are privileged to have the
opportunity to work with him." "MortgageIT Holdings is a home grown
New York business with a track record of integrity and achievement
over its 18 year history as a private and most recently, a public
company," said Congressman Towns. "Companies like MortgageIT play a
fundamental role in helping people in our local communities realize
the American dream of home ownership, and I'm looking forward to
contributing my insights and experience to this market leading
company." Since being elected to office in 1981, Congressman Towns
has served on a variety of Congressional committees, including the
Energy and Commerce Committee, where he currently serves on the
Commerce, Trade and Consumer Protection Subcommittee, the Health
Subcommittee, and the Telecommunications and Internet Subcommittee.
During his career in Congress, Congressman Towns has received a
number of distinguished awards for his public service. Prior to
being elected to the House of Representatives, Congressman Towns
served as Deputy Brooklyn Borough President. He is also a veteran
of the United States Army and is an ordained minister. About
MortgageIT Holdings, Inc. MortgageIT Holdings, Inc. (NYSE:MHL) is a
self-administered mortgage real estate investment trust ("REIT")
focused on the residential lending market. The Company
self-originates its investment portfolio of high quality adjustable
rate mortgage ("ARM") loans through MortgageIT, Inc., its wholly
owned residential mortgage banking subsidiary. MortgageIT, Inc. is
a full- service residential mortgage banking company that is
licensed to originate loans throughout the United States.
MortgageIT Holdings is organized and conducts its operations to
qualify as a REIT for federal income tax purposes. MortgageIT is
organized and operates as MortgageIT Holdings' taxable REIT
subsidiary. For more information, please visit
http://www.mortgageitholdings.com/. DATASOURCE: MortgageIT
Holdings, Inc. CONTACT: Investors: Sean McGrath, +1-646-346-8700,
or Media: Ted Stacer, +1-646-346-7653, both of MortgageIT Holdings,
Inc.; or Joe LoBello of Brainerd Communicators, Inc.,
+1-212-986-6667, for MortgageIT Holdings, Inc. Web site:
http://www.mortgageitholdings.com/
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