By Vicki Needham - 06/06/13 01:21 PM EDT
"Fenway Summer can change that. The company will tailor responsibly designed mortgages to credit-worthy customers poorly served by the current marketplace," he said.
Date said that his team "has the right experience, the right technical expertise, and — perhaps most importantly — the right commitment to customer value to lend responsibly," for "this is a large and important market."
He also announced that Garry Reeder will lead Fenway Summer’s advisory business, which aims to help partners design and launch consumer financial products and services.
Reeder joins the firm from the CFPB, where he was the chief of staff.
"Our team has great talent, the right values and an ambitious goal — to be the market's preeminent advisor on consumer finance product design," Reeder said.
Reeder also served on the auto team at the Treasury Department that helped manage the government’s auto investments, including the $23 billion IPO of General Motors.
"His background has given him that rare ability to see consumer finance holistically, to integrate disciplines as diverse as marketing, finance, credit and compliance” Date said.
Earlier in his career, Reeder spent a decade in the investment management business, covering consumer finance companies, domestic banks and brokers, for-profit education and emerging market depositories.
"For too long consumer finance has been seen as a zero-sum game — where either banks would win or consumers would win," Date said.
"At Fenway Summer, our work is guided by the principle that products designed to actually serve consumers will be profitable, sustainable and earn customers' long-term trust.”