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Structured Portfolio to Start Mortgage Banking Business

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May 14 (Bloomberg) -- Don Brownstein, founder of Structured Portfolio Management LLC, said his firm plans to get into the mortgage banking business.

“We are going to be entering the mortgage banking business, not just by owning mortgage-backed securities but optimizing the structure of mortgage banking,” Brownstein said at the SkyBridge Alternatives Conference in Las Vegas today. “Not from the perspective of the bank owner but from a pure economic and financial perspective” that ranges from mortgage origination and securitization to the management of mortgage assets.

SPM is based in Stamford, Connecticut. The firm said last June that it plans to start a pool to buy and rent out homes. Structured Servicing Holdings LP, the part of Brownstein’s main SPM Core Fund that focuses on mortgage debt lacking government backing, returned 50 percent in the first 10 months of 2010, putting it at the top of Bloomberg Markets’ list of the 100 best-performing funds managing $1 billion or more.

To contact the reporter on this story: Kelly Bit in New York at kbit@bloomberg.net

To contact the editors responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net Josh Friedman, Mary Romano

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