Luminent Mortgage Capital Inc. said the company's chief financial officer will leave the company at the end of the year rather than making the move from San Francisco to a new headquarters in Philadelphia. Christopher Zyda declined an offer to relocate to Philadelphia, Luminent said in a press release, and will be replaced as CFO on Jan. 1 by Karen Chang, currently the company's vice president and controller. A real estate investment trust (REIT), Luminent does not originate or service loans, but buys alt-A adjustable-rate mortgage (ARM) loans, some that are negatively amortizing, and mortgage-backed securities with ratings below AAA. Although Luminent once assured investors its loan portfolio had "virtually no exposure to the subprime sector," troubles in the credit market have...
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