It has to be an all time record of all the CEO’s that have resigned these last two years.
Bloomberg-
Michael J. Williams has decided to step down as chief executive officer of Fannie Mae (FNMA), the mortgage finance company seized by U.S. regulators in 2008, the company announced.
Washington-based Fannie Mae made the announcement in a filing with the Securities and Exchange Commission. Williams will continue as chief executive officer and president until a successor is named.
ALL-in-ONE, Excellent report by HuffPo’s William Alden on the facts of what went down, when those who work for the people get fired, pushed out for getting a bit too close to exposing the AG’s office.
Is she waiting for the statue of limitations to run it’s course? When there is much more left to expose.
HuffPO-
FORT LAUDERDALE, Fla. — Last December, when she was still investigating foreclosure fraud as a top lawyer in the Florida attorney general’s office, June Clarkson gave a PowerPoint presentation to a legal association.
Her presentation amounted to an indictment of Lender Processing Services, or LPS, a company near the center of ongoing state investigations into claims that foreclosures have been rushed en masse through the legal machinery, without proper documentation. She flashed images of paperwork on a screen under the heading “forgeries,” asserting that LPS’ former subsidiary, Docx, had produced phony documents to justify unlawful foreclosures.
The legal association later sent Clarkson a thank-you note, calling her tutorial “invaluable.” Word of her presentation reached New York, where a state Supreme Court judge cited it in a harshly-worded ruling that a bank lacked the right to foreclose on a Brooklyn home.
To no surprise Alltell was part of this, if you dig deep enough you might also find they took some form with MERS.
Jax Daily Record-
After Jeff Carbiener resigned as CEO of Lender Processing Services Inc. in June for health reasons, the Jacksonville-based company promised a comprehensive search for a replacement that would take as long as necessary.
As it turns out, it didn’t have to look very far.
LPS last week named Hugh Harris to replace Carbiener. And it’s not the first time the company has turned to Harris.
LPS provides processing services to mortgage lenders through all phases of the loan process, from origination to foreclosure if the loan goes bad.
It’s a company that traces its roots back nearly half a century to a Jacksonville company called Computing & Statistical Services that was eventually bought out by Alltel Corp. in 1992.
Bank of New York Mellon Corp said Robert Kelly, who has held the company’s top job since 2008, has stepped down as chairman and chief executive officer, following differences in approach to managing the company.
The company, one of the world’s largest custody banks, said it named board member Gerald Hassell as chairman and CEO, effective immediately.
Common sense, one would’ve recused themselves from even communicating with a high profile corp. that is under investigation from the AG’s office and in some states under criminal. Creates a “conflict” wouldn’t you think? Maybe unless you know for a fact that nothing will happen.
First thing comes to mind is why would one continue to pursue a job, knowing there might be a very good chance the company making headlines nationwide for fraud would even stay in business? Don’t many of the businesses the AG’s investigate get shut down when they find a mountain of fraud? Secondly why are other states and NOT Florida going after a criminal investigation when the company under investigation headquarters are indeed in Florida? Makes no sense.
We don’t see anyone from the New York AG’s office running to work for lets say Bank Of America…or in talks to find employment there.
Orlando Sentinel –
TALLAHASSEE — A former state government lawyer now working for a firm under investigation by the state in a foreclosure fraud case said Thursday that he had nothing to do with foreclosures while he worked in the attorney general’s office.
Three Democratic lawmakers said this week they want legislation passed to prevent lawyers for government agencies from leaving the state to go work for firms that are under investigation. The proposal is aimed, the lawmakers say, in part at Joe Jacquot, who left the attorney general’s office earlier this year and has come under scrutiny for going to work for a Jacksonville company, Lender Processing Services, that was under investigation by the office, while he was there.
Jacquot said in an interview with The News Service of Florida on Thursday that not only did he not have anything to do with the probe of foreclosure firms started under former Attorney General Bill McCollum, he formally notified McCollum when he began talking to LPS as a possible future employer, and asked to be kept completely out of the loop on any discussions related to the company. Jacquot was one of two deputy attorneys general in McCollum’s office, and was McCollum’s chief of staff.
Doesn’t the last paragraph seem way off? Yes, what about those who did leave the AG’s office to go work at firms that were busted for Massive Fraud and currently under investigation today?
Exactly how, when and where did the discussions about employment come about? This is going to get extremely interesting.
Palm Beach Post –
Andrew Spark, an assistant state attorney general in the Tampa office of economic crimes, resigned Wednesday, a day after he released a 16-page memo discussing grievances he has with the Florida attorney general’s office.
Spark said his memo, which he emailed to media outlets, was motivated by the forced resignations of former state foreclosure investigators June Clarkson and Theresa Edwards.
Florida Attorney General Pam Bondi said today that Spark was the subject of an ongoing investigation for using the services of a business he was investigating.
Mr. Carbiener will continue to serve as an employee of the Company in the role of Senior Advisor to Mr. Kennedy and the LPS Board of Directors until December 31, 2012. In his capacity as Senior Advisor, Mr. Carbiener will provide advice and counsel to Mr. Kennedy and the Board on an as needed basis. This will enable Mr. Kennedy and the Board to utilize Mr. Carbiener’s deep knowledge of the Company and the industry during this transition period and as they work toward resolving the outstanding legal and regulatory issues facing the Company. Accordingly, effective as of July 7, 2011, LPS entered into a new employment agreement with Mr. Carbiener.
If Mr. Carbiener had terminated his employment with the Company under the current circumstances rather than agreeing to remain with the Company in an advisory capacity, he would have been entitled to receive a lump sum payment equal to the unpaid portion of his current annual base salary of $880,000 through December 31, 2012, the expiration date of his prior employment agreement.
Mr. Carbiener’s new employment agreement terminates his prior employment agreement, and provides that Mr. Carbiener will continue to receive a base salary of $880,000 per year for the term of the agreement, which expires on December 31, 2012. He will not be eligible to participate in the Company’s annual cash bonus incentive plan for 2011 and 2012, and he will not be eligible to participate in future awards under the Company’s equity incentive plans. Under the new employment agreement, Mr. Carbiener is entitled to customary benefits, including medical and other insurance coverage for himself and his eligible dependents, and is subject to customary post-employment restrictive covenants.
Sounds like he’s making out pretty well considering he’s no longer participating in cash bonus, future award incentives.
Lender Processing Services, Inc. today announced that Jeffrey S. Carbiener is stepping down from his positions as chief executive officer, president and director of the company for significant health-related reasons, effective immediately.
LPS’ board of directors has established a committee to search for a replacement. In the interim, Lee A. Kennedy, the executive chairman of the board of LPS and the former chief executive officer of LPS’ prior parent company, Fidelity National Information Services, Inc., will serve in the additional roles of president and chief executive officer.
Jack Luzzo is replacing Marina Garcia-Wood in Family in July, with Luzzo to be replaced by Vic Tobin’s successor. A Senior Judge covers Luzzo’s division until the appointment is made some months from now. We’re hearing it’s Joel Lazarus.
It’s getting interesting …
Excerpt from the email:
Judge Marina Garcia-Wood has graciously offered to take over the foreclosure division in July. Recognizing the disruption that could occur in placing all of the pending foreclosure cases back into division, and after consulting with Judge Tuter, we have decided to maintain a separate foreclosure division. This will be done despite the lack of additional resources such as that appropriates through this fiscal year ending June 30th.
If you’re a foreclosure defense lawyer doing work in Broward County, there are lots of reasons to think Chief Judge Victor Tobin doesn’t side with homeowners. In his tenure at the top of the county’s legal system, he has instituted rules that make it tougher on homeowners to fight foreclosures and resisted changes that would protect them from cases being rushed through the system.
Broward County Chief Judge Victor Tobin is resigning from the bench to work for the Law Offices of Marshall C. Watson, a South Florida firm that recently paid $2 million to settle a state investigation into its foreclosure practices.
Tobin, 64, announced late Tuesday in a four sentence e-mail to staff at the 17th Circuit Court that his last day will be June 30.
The news shocked foreclosure defense attorneys who said it is unusual for a judge with three years remaining in his term to leave the bench, and questioned the move to a so-called “foreclosure mill.”
According to JAABlog, Broward County Judge Victor Tobin wrote in an email notifying all judges, Gov. Scott that effective June 30, 2011 he will be resigning as Circuit Judge and that effective July 1, 2011 he will return to private practice with the Law Offices ofMarshall C. Watson.
If you recall last October, the Miami Herald published an article about the rocket docket called “Florida judges face avalanche”, where they quote Judge Tobin as saying, “Batter up,” as he finished signing one stack of uncontested foreclosure cases and eyed the next.
What is very puzzling here is exactly when and how discussions came about of possibly working together with a law firm who is under such scrutiny? Inquiring minds do want to know…how this all took place.
Federal Housing Administration Commissioner David H. Stevens will become head of the Mortgage Bankers Association after he leaves his government post this month, the trade group said.
Stevens last week announced his intention to resign from the housing agency. He will join the Washington-based bankers group in May.
Michael D. Berman, chairman of the bankers group, called Stevens “uniquely qualified” for the job.
“He has had a tremendous impact at FHA,” Berman said in a statement today.
David H. Stevens, the commissioner of the Federal Housing Administration who steered the agency through a critical stretch of the housing downturn, is expected to leave his post this spring, according to people familiar with the matter.
Officials wouldn’t confirm or deny the pending departure. Mr. Stevens declined to comment.
Mr. Stevens has played key roles shaping the Obama administration’s housing policies at the FHA, an agency that has occupied a vital role in healing housing markets by continuing to make low-down-payment mortgages available. He took the helm of the government loan insurer in July 2009 at a time that it faced rapidly rising losses from mortgage defaults and dwindling reserves, raising the prospect of a taxpayer rescue.
(Reuters) – A top Freddie Mac (FMCC.OB) executive received notice the government may file charges against him for allegedly violating securities laws in the years leading up to the housing bust, according to a regulatory filing released on Thursday.
Executive Vice President Don Bisenius received a “wells notice” from the Securities and Exchange Commission that the agency is considering filing an enforcement action against him for possibly violating federal securities laws and related rules in 2007 and 2008.
The revelation comes just days after a former Freddie Mac chief financial officer Anthony Piszel also received a similar warning from the SEC. Piszel, who was the mortgage giant’s CFO between 2006 and 2008, was forced to resign earlier this month from CoreLogic Inc (CLGX.N), where he was working as the company’s chief financial officer.
Freddie Mac and sister entity Fannie Mae (FNMA.OB) have both been under investigation since September 2008 for their role in the mortgage crisis.
By Prashant Gopal
Feb. 18 (Bloomberg) — Merscorp Inc., operator of the electronic mortgage-registration system under criticism by consumer advocates amid a probe into lender foreclosure errors, replaced Bill Hultman as its corporate secretary.
General Counsel Sharon Horstkamp is taking over the job, Karmela Lejarde, a spokeswoman for the Reston,Virginia-based company, said in an e-mail today. Hultman remains a senior vice president and corporate division manager, she said.
Merscorp has made a series of changes as courts debate what role it has, if any, in home foreclosures. Chief Executive Officer and President R.K. Arnold, who hired Hultman in 1998, retired last month. The company also is examining reforms, including a proposed rule change on the company’s website Feb. 16 that would stop members from foreclosing in its name.
“They’re trying to clean up their house,” said Christopher L. Peterson, a law professor at the University of Utah in Salt Lake City who has written law-review articles critical of the company. “I’m not sure Hultman was the problem.
It seems to me the problem is the business model.”
CoreLogic announced today that Anthony “Buddy” Piszel, chief financial officer (CFO), has resigned as CFO effective immediately. Piszel, who joined CoreLogic in January 2009, will stay on in a non-executive capacity through June 1, 2011 to assist in a smooth transition of his responsibilities.
Piszel has informed the company that he received a Wells notice from the U.S. Securities and Exchange Commission (SEC) staff in connection with certain disclosure matters during Piszel’s tenure at his previous employer, Freddie Mac. Piszel served as chief financial officer of Freddie Mac from November 2006 to September 2008.
The Wells notice indicates that the SEC staff is considering recommending a civil enforcement action against Piszel. Under the SEC’s procedures, recipients of a Wells notice have the opportunity to respond in the form of a “Wells submission” in which they seek to persuade the SEC that no action should be commenced. Piszel has informed CoreLogic that he intends to make such a submission.
Kevin Warsh announced his intent to resign as a member of the Board of Governors of the Federal Reserve System on or around March 31, 2011.
Governor Warsh, a member of the Board since February 2006, submitted his letter of resignation to President Obama today.
“Kevin rendered the Federal Reserve and the nation exemplary service during his time at the Board,” Federal Reserve Board Chairman Ben S. Bernanke said. “In particular, his intimate knowledge of financial markets and institutions proved invaluable during the recent crisis. And he worked energetically and effectively behind the scenes overseeing the operations of the Board and the Federal Reserve System. I deeply appreciate his insights and wise counsel and, most especially, his fortitude and friendship during the difficult days, nights, and weekends of the crisis.”
Warsh has focused most significantly on issues related to financial markets and the conduct of monetary policy.
Warsh has served as the Federal Reserve’s representative to the Group of Twenty and the Board’s emissary to the emerging and advanced economies in Asia. In addition, he has served as Administrative Governor, managing and overseeing the Board’s operations, personnel, and financial performance.
Prior to his appointment to the Board, from 2002 until 2006, Warsh served as Special Assistant to the President for Economic Policy and Executive Secretary of the White House National Economic Council.
According to a regulatory filing on February 9, 2011, Bruce M. Witherell resigned from his position and responsibilities as Chief Operating Officer of Freddie Mac (formally known as the Federal Home Loan Mortgage Corporation) for personal reasons, effective immediately.
Mr. Witherell will not receive any termination benefits.
This will leave many, especially investors taking an interest as to why? In a press release Wells Fargo citing personal reasons.
Atkins’ retirement is unrelated to the company’s financial condition or financial reporting.
“We understand Howard’s decision to retire after having served Wells Fargo successfully for nearly ten years and after having had a financial services career that has spanned four decades. His tenure included Wells Fargo’s rise from a super-regional industry leader to the global company that it is today following its 2008 acquisition of Wachovia,” said John Stumpf, the company’s chairman, president and chief executive officer. “He leaves behind a Wells Fargo that remains financially strong and wholly committed to its strategy of helping all its customers succeed financially.
By Joe Sabo and Thom Weidlich – Jan 22, 2011 6:11 PM ET
Merscorp Inc., the parent company of Mortgage Electronic Registration Systems Inc., said R.K. Arnold has retired as chief executive officer and president, and Paul Bognanno will take the job on an interim basis.
Bognanno, former chairman of Radian Guaranty Inc., will lead the search process for a permanent replacement, Reston, Virginia-based Merscorp said in an e-mailed statement.
The MERS system, which Arnold helped develop, has come under fire in courts on the role it has, if any, in home foreclosures. It’s an electronic database of more than half of all the outstanding residential mortgages in the U.S. Merscorp has said it was created by the mortgage industry in 1995 to improve servicing after county offices couldn’t deal with the flood of mortgage assignments.
According to its website, MERS is owned by the largest lenders in the country including Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co., in addition to Fannie Mae and Freddie Mac.
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