Servicing/Default
New Century Execs Head for the Exits, After Getting Paid Bonuses
By: PAUL JACKSON
June 15, 2007
related
For those who don’t already know, now-former New Century CEO Brad Morrice left the defunct lender he co-founded this week, along with a wide swath of other now newly-unemployed executives.
Matthew Padilla over at Mortgage Insider has a good post on this, wondering why Morrice left now. For those interested in reading the full SEC filings on this, click here.
While everyone is trying to read the tea leaves on the timing of Morrice’s departure, I’ll remind readers of an earlier post I made on May 8 about the $3.2 million in bonuses paid to company executives in early May.
In truth, I don’t know why Morrice and the other execs bolted, but I do know they did so only after receiving their bonuses. I don’t know if I need to look any further for a reason than that.
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Events
2008 Aug 12
Western States Loan Servicing Conference
Annual servicing industry conference hosted by the CMBA; usually well attended on a national level.
2008 Aug 23
Executive Summit on Mortgage Fraud
High-level conference focused on quantifying and managing mortgage fraud. Speakers to include execs from OFHEO, FBI, Fannie, Freddie.
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USFN Fall Default Servicing Seminar
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2008 Sep 17
Five Star Conference
Default and REO industry conference, hosted by trade publication DS News. Heavily attended by REO agents.
2008 Oct 19
MBA Annual Convention & Expo
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