Guild Mortgage Investments Inc. has accepted the...

Guild Mortgage Investments Inc. has accepted the resignation of chairman and president James M. Kinney and named Michael S. Eustis president. A new chairman will be elected at the company’s next board meeting, which hasn’t been scheduled, Eustis said.

GMII buys mortgages from its affiliate, Guild Mortgage Co., and repackages them as mortgage-backed bonds. The company went public in June, 1986, and reported net income of $1.3 million on interest revenue of $5.25 million for 1986. For the first six months of this year, GMII reported net income of $1.8 million on interest revenue of $10.8 million.