The Bear Stearns collapse seems to be raining hard on former Bloomberg administration officials Emily Youssouf and John Crotty, the former president and vice president, respectively, at the city’s Housing Development Corporation who left their municipal jobs last year to start an affordable housing finance division at JPMorgan Chase.
Bond Buyer today reports that Ms. Youssouf and Mr. Crotty are out at JPMorgan, as the banking giant is said to be bringing in Bear Stearns’ housing team. From the story:
JPMorgan this week axed its upstart affordable housing division and will replace it with Bear’s more established housing unit as part of the merger, according to several market sources.
The two bankers who led JPMorgan’s affordable housing unit, Emily Youssouf and John Crotty, were no longer working at the company as of yesterday. Several market sources said they had heard that Bear banker Kent Hiteshew would be bringing his housing team over to replace JPMorgan’s. JPMorgan spokeswoman Tasha Pelio said the company would not confirm specific names of people who had been laid off. Pelio also said she was unable to confirm whether or not Hiteshew’s group would be coming to JPMorgan.
JPMorgan had tapped Youssouf and Crotty to start up its affordable housing unit in October. Youssouf had served as president of the New York City Housing Development Corp. since 2003 and Crotty had been her chief of staff and an executive at the corporation. Youssouf came from the private sector and had worked for a number of investment banks. She had been credited with turning the scandal-ridden HDC agency around. Under her leadership, the corporation was the nation’s top issuer of single- and multifamily housing bonds in 2006, selling $1.75 billion of bonds, according to Thomson Reuters data.