On the heels of Option ARMegeddon's recent article about MBA's financial difficulties, we learn today that President and CEO Jonathan L. Kempner is resigning.
In joint press releases today, the Mortgage Bankers Association announced Kempner's resignation to be effective 2008-12-31. Former MBA chairman John A. Courson will assume the role of CEO on 2008-08-01, and will become the organization's President as of 2009-01-01.
Use the following links to view the MBA press releases. Click the "original article" link below to read the Option ARMegeddon blog post.
"MBA’s Kempner Announces His Departure"
"MBA’s Quinn Announces John A. Courson to be Chief Operating Officer"
Aaron at 19:55 2008-07-22 said:
Just to add some color to this:
Head of Mortgage Bankers Association to resign
"I'm confident that I'll land in something equally exciting," he said, noting that in the real estate industry, "I think it's fair to say that I have one of the plumpest rolodexes in town." Permalink
Fundamental Mortgage....? Central Pacific Mortgage....? Weren't these companies in "crash and burn" mode at the end? Didn't one bankrupt and the other implode leaving its branches with questionable accounting issues? Wow! Now he's a Chief Operating Officer for MBA. Don't they check out the people supposed to be our leaders? Maybe that's not how the game is played. Wow! Permalink
I saw this article in the Washington post. The MBA is announcing that they will have John A. Courson as the new Chief Operating Officer.
In my opinion this type of person is the basis for the degradation of the Mortgage Industry. I was with his company, Central Pacific Mortgage for four years up to where he gave his entire company the Kiss-Off memo. After years of making millions and perhaps billions in the mortgage business he closed the door leaving his entire company without their last pay check. Loyal hard working loan officers and support staff some of whom are single parents were left penniless at the worst time in the history of the mortgage business.
I'm personally sitting on a judgment award issued by the Labor Commissioner of the Sate of California in the amount of $5,650.41 and when I attempted to collect on the judgment my correspondence was never replied to.
How people like John A. Courson remain in responsible position in the mortgage industry is beyond me but this caliber of person is the reason some good people are homeless today. The MBA is making this man the C.O.O.???? In my opinion he should be in jail. Permalink
On January 5th, 2009 John Courson, President and Sole Stock Owner of failed Central Pacific Mortgage Company (CPMC) and Ivanhoe Mortgage, was officially appointed President and Chief Executive Officer of the Mortgage Bankers Association. As many of us in the early days of ML-Implode.com saw, CPMC and Ivanhoe Mortgage took position 29 on the famed list.
Many of us, mainly ex-employees and branch Owners/Managers, would like to see him resign his position or be terminated immediately.
The question to ask yourself is this: Should or can someone who served as president of the MBA before, serves(ed) as special Advisor to President Bush, and plays a role of responsibility for the current mortgage crisis, fit to lead us out of this?
John Courson often plays the victim in CPMC/Ivanhoe's demise. His prior post in the MBA as president and it's lobbying agenda shows that he is not part of the solution but part of the problem.
My disgust comes from the what many wrote about in prior posts "the kiss off letter". The employees knew the company was to be sold, layoffs were already announced and the company asked MANY of it's employees to stay on, work their butts off to see them through it. So as loyal employees do, they did and on February 26th, 2007 the word was out. We are no longer funding loans. we have no money to pay you, and if you have keys hand them in on the way out the door. There was a "sorry" in there but I'm sure those employees that got stiffed could not pay their creditors with sorry. John seems to have been paying his bills with their money.
The President and CEO post at the MBA should be filled by someone with strong character, integrity, and no baggage. Maybe it is the hopes of the MBA board to see if John can get us back to the days of making money hand over fist or maybe the board is as lost and defunct as it's new leader.
What about the single mothers, families and more that he left in the wind when he asked himself "Do I pay my employees or do I Stiff them? That's a big decision, and a defining moment for any man/woman.
What were his thoughts when he swept the accounts of the net branches of CPMC and Ivanhoe the week before the announcement of the closing?
Is this the man to lead change? Is this who you want to pay your dues too?
Is this a man Washington should listen too when it comes to OUR best interests?
Recently, and soon to come out in an investigative article, the question of fraud will arise. Did CPMC, directed by John Courson, commit fraud to free up cash in the last days of the company. The reporter I spoke to says he has copies of e-mails, and records showing so. The Publisher and the publishers counsel have signed off on the source. I should say that although all indications are the act was committed it seems CPMC execs did work through to clean it up. But it goes without saying, robbing a bank to borrow money and paying it back does not make robbing the bank OK.
In this posters opinion he should do the right. Bite the bullet, and step down before he taints the industry even more. If not, the MBA should demand his resignation.
Secondly he should reach out to the lives he damaged and make good on what he owes them. Not severance, Not vacation time, not interest, but the honest pay for the honest work that was done and promised.
Too bad employees can't take his house like he has foreclosed on those who did not pay their mortgage.
Post your thoughts, let the MBA, lobbyist, members who decide if they renew their membership and pay their dues, and anyone who needs to know. Do you support this guy to direct a major association that is responsible for lobbying for you and getting the industry back on track. Or is there possibly someone just as knowledgeable, with integrity, and no tainted past to bring speculation on an already damaged industry. Permalink
Is the MBA worth all the work experience and hard work? I'm divided between doing an MBA in Finance and getting into the Actuarial Science classes and getting myself a certification on Actuarial Science.
~ adgooroo.com Permalink