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Prospect Holding Company LLC, and its subsidiary, Prospect Mortgage LLC, has announced the appointment of Joseph J. Grassi III as executive vice president and general counsel.
"Joe is a leader in the mortgage finance legal profession and we are extremely excited to have him join our team at Prospect," said Michael Williams, chairman and CEO of Prospect Mortgage. "He has extensive experience working with his clients and with Boards, regulators, auditors and risk managers. Joe's depth of knowledge and leadership make him the ideal candidate to direct our legal and regulatory teams and help move our Company forward."
With more than 25 years of commercial and residential real estate legal experience, Grassi joins Prospect Mortgage from Fannie Mae. During his tenure at Fannie Mae, Grassi held numerous legal positions with increasing responsibility. Most recently, Grassi served as Fannie Mae's senior vice president, interim general counsel and corporate secretary. In this position, Grassi led and managed the Legal Department and the Government and Industry Relations Department, which was comprised of more than 180 attorney and staff members.
Grassi also held a leadership role in developing Fannie Mae's strategy for dealing with the national financial crisis. He was a member of Fannie Mae's Senior Management Group, providing strategic advice to the executive leadership team in charge of the single-family residential business.