Glenn Costello, Kroll Bond Rating Agency Inc.’s head of credit policy who spent more than two decades specializing in mortgage-backed securities, has died. He was 53.
He died on April 4 at his home in Ramsey, New Jersey, according to Kate Kennedy, a spokeswoman for the New York-based company. The cause was cancer.
Costello, who was a senior managing director at Kroll, was named head of credit policy earlier this year. Previously, he specialized in mortgage debt at Kroll, which he joined in 2011, and during stints at Fitch Ratings and at Merrill Lynch & Co., where he was head of research for residential mortgage-backed bonds.
“Glenn was a friend and colleague for 25 years,” Kroll President Jim Nadler said in an e-mailed statement. “His intellect, vision and dedication won him many fans over his career. I, however, will remember him most for his humanity and sense of humor in the face of adversity.”
Costello first joined Fitch in 1990 and managed the company’s residential mortgage ratings group. In 2000, he moved to Merrill Lynch as a senior analyst responsible for real estate asset-backed debt. Five years later, Costello returned to Fitch as head of the residential mortgage ratings unit. In 2010, he joined BTIG, a boutique brokerage that expanded into credit markets, before moving to Kroll.
Costello was born on March 15, 1962, in New York, to William and Kathleen Costello.
After earning a bachelor’s degree in computer science from Tulane University in New Orleans in 1984, he joined Ticketron Inc., a ticketing company, working in the information-technology department. He moved through other IT jobs at New York-based Goldman Sachs Group Inc. and Fitch before switching to analyzing mortgage bonds for the ratings firm.
“The industry lost a great person,” said Cheryl Glory, a managing director in the mortgage finance department at Bank of America Corp. who worked for Costello at Fitch.
“He could make the most difficult situations humorous. He was great with clients and a fantastic boss -- very funny, extremely smart and very knowledgeable,” Glory said in a telephone interview.
His survivors include his wife, Alma Costello; son, Kyle Costello; and his parents, according to Kroll.