The chief executive officer of New Penn Financial LLC has co-founded a retail lender that will capitalize on home-equity loan products.

Jerry Schiano has more than two decades in the mortgage business, including time at subprime lender ContiMortgage during the 90s.

In 1999, he founded Wilmington Finance, which became a subsidiary of AIG. He was president and CEO when he left the lender in 2006.

Source: Mortgage Daily