Derek Bryson Park

Derek Bryson Park is an American Investment Portfolio Manager (and former Banker),[1] and currently Principal of Wilmington Capital Securities, LLC[1][2] with the Royal Bank of Canada ("RBC") serving as the clearing partner[3]. Park previously served as Managing Director in the Fixed Income/Structured Finance Division at Lehman Brothers[2][4][5]. Preceding Lehman, he was Managing Director of Rafferty Holdings, LLC and President of Cohane Rafferty Capital Markets, Inc. specializing in the mortgage banking and financial institutions industries.[2][4][5][6][7][8][9][10][11][12] Recognized as one of the nation’s preeminent experts in mortgage finance, Cohane Rafferty had completed or evaluated over 4,600 transactions involving more than $1.5 trillion of mortgage servicing rights, mortgage and consumer loans, credit card portfolios and mortgage banking companies over a 10 year period.[5][9][10][13]

Derek Bryson Park
Director of the Federal Home Loan Bank of New York
In office March 1999 – December 2002
President	Bill Clinton
Personal details
Born	Derek Bryson Park, New York, NY, USA
Nationality	American
Political party	Republican
Residence	New York, New York
Alma mater	Western University, New York University
Profession	Financial Services
Awards	The State of New York Military Commendation Medal (2002); Honorary Citizen, Natchez, Mississippi (1985)
Website	http://derekbrysonpark.com/

Significant M&A and portfolio transactions specific to Derek Park include: Securing the sale of Wells Fargo Mortgage Bank to General Motors Acceptance Corporation; Structuring a strategic partnership between Cendant Corporation and Homeside Lending, Inc.; The sale of Capstead Mortgage Corporation to GMAC/RFC; Advising the Creditors Committee of Lomas Mortgage Corporation USA in their retention of Cohane Rafferty and Lehman Brothers for the liquidation sale to First Nationwide; Stonehurst Ventures LP’s acquisition of Reilly Mortgage Capital Corporation from the Resolution Trust Corporation (“RTC”); M&T Bank in their joint venture acquisition with KeyBank of Goldome Federal Savings Bank from the FDIC; The sale of First Denver Mortgage Corporation to Shorewood Financial Corporation; The sale of $23 billion of mortgage servicing rights for Cendant Corporation/PHH US Mortgage which included a $10 billion Private Label forward bulk/flow arrangement with HomeSide Lending, Inc., a wholly owned subsidiary of National Australia Bank; $1 billion of Ginnie Mae (FHA/VA) flow servicing for Washington Mutual Bank; $1 billion of conforming Fannie Mae/Freddie Mac servicing for BankAtlantic; $6 billion of conforming Fannie Mae/Freddie Mac/Private Investor product for First Franklin Bank; $3 billion of Fannie Mae/Freddie Mac Bulk/Flow production for Guaranty Bank; Capstead Mortgage’s acquisition of 16 portfolios which, in aggregate, amounted to $26.3 billion, which included product sourced from Citicorp, Fleet Bank, Source One, Crossland, Caisse des Dépôts et Consignations (“CDC”), FBS and Weyerhauser; NationsBank’s acquisition of $3 billion of conforming flow servicing from People’s Heritage, Guaranty Bank and Dime Savings Bank; Chase Bank’s acquisition of $2 billion of conforming flow servicing from Inland Mortgage and Central Carolina Bank & Trust; Mellon Bank in their acquisition of $1.5 billion of Fannie Mae/Freddie Mac/Ginnie Mae bulk/flow product from Chemical Bank and Globe Mortgage Company; Sourced multiple buy-side conforming and jumbo portfolios for First Republic Bank; and finally, was retained in the sale of numerous mortgage servicing portfolios seized by the FDIC, Fannie Mae, Freddie Mac and FSLIC from various failed/non-compliant financial institutions amounting to a Unpaid Principle Balance ("UPB") of over $1 billion.[10]  

In addition, Park served as a Managing Director of the Potomac Funds, a leading provider of leveraged index and alternative-class mutual fund products (which was renamed Direxion Funds in 2006).[10]

For approximately a decade, Park also served as an Arbitrator, Board of Arbitrators, National Association of Securities Dealers ("NASD") [otherwise known today as "FINRA"]; the New York Stock Exchange; and, the Chicago Board of Trade.[8] Additionally, he was elected Vice Chairman, Southwest Security, a Federal Reserve Board regulated bank holding company controlling United Mississippi Bank and other entities (1999-2003)[12] and Director, First Franklin Bank Product Innovation Board, A National City Company, San Jose, CA.[8]

Derek Bryson Park (Standing second from the right) pictured after the passage for the New York Bank to back a $1 billion bond issue for the World Trade Center disaster recovery effort with (Seated Left) US HUD Assistant Secretary for Housing & FHA Commissioner, John Weicher; and, (Seated Center), Chairman of the US Federal Housing Finance Board/Agency, John Korsmo

Park was appointed as Director of the Federal Home Loan Bank of New York by the Clinton administration[6][8][9][12][14][15] in January 1999 and served into the George W. Bush administration until 2002.[4][11][16] Park was also appointed by the Giuliani Administration; and, the Bloomberg Administration as Chairman (pro tem) of the New York Industrial Development Agency ("IDA"),[17][18][19] Vice-Chairman of the NYC Capital Resource Corporation ("CRC"),[20] and Director of the New York City Economic Development Corporation ("EDC")[21] principally attending to overseeing the structural expansion of the New York Stock Exchange; the designing and planned construction of two baseball stadiums for the Yankees and the Mets;[19] and the monitoring of the country’s largest urban redevelopment project in US history with the renovation of Time Square.[21] In 2006, Park together with Randy Levine, the President of the New York Yankees Baseball Club, and David Cohen, the Executive Vice President and Chief Legal Officer of the New York Mets, received the “Bond Buyer’s Deal of the Year Award Award” for the IDA’s sale of $1.6 billion of bonds to finance new baseball parks for both teams.[19][22]

US Secretary of State, John Kerry and Derek Bryson Park; Beacon Hill, Boston, Massachusetts.

Commissioner Derek Bryson Park and New York Mayor Michael R. Bloomberg, Gracie Mansion, New York

Park made two $1000 donations to John Kerry's Presidential Campaign. Park reportedly said it was "pure happenstance" that Kerry wrote a letter recommending Park for a position at the Federal Home Loan Bank of New York one month after the two donations were made. The Associated Press has reported that John Kerry (D) has on three occasions recommended campaign donors for positions at federal home loan banks. Park said his appointment to the bank was supported by both Democrats and Republicans,[23] including, Senate Majority Leader, Trent Lott (R); Former Chairman of the US Senate Banking, Housing and Urban Affairs Committee, Edwin "Jake" Garn (R); Chairman of the Conservative Party of New York, Michael R. Long (C) and New York Governor and former United States Secretary of Housing and Urban Development, Andrew Cuomo (D). FEC records do not show any donations to federal candidates besides John Kerry during this period.[23]

Park served as Commissioner of the New York City Commission on Human Rights in the Giuliani, Bloomberg,[24][25] and de Blasio Administrations. In this role, Park worked to protect the rights of New York City residents (primarily minorities and immigrants[26][27][28][29][30][31]) regarding housing, mortgage and other abusive consumer-related bank practices. He was accused in 2014 of a misdemeanor while serving on the New York City Commission on Human Rights,[32] and the case was summarily dismissed and expunged by the Office of the District Attorney of New York County.[33]

From 2004 to 2005, Park was appointed (and reported directly to) the Apostolic Nuncio (Senior Ambassador) of the Holy See (“The Vatican”), H.E. Archbishop Celestino Migliore, joining the ranks of the five-member delegation allotted to each nation-state within the United Nations. In this role, he focused primarily on the adoption and implementation of a worldwide resolution specific to “Preventing, Combating, and Eradicating the Illicit Trade in Small Arms and Light Weapons in All Its Aspects.”[34][35]