Stories tagged with Mortgage
Big bonuses before the crash
By Gary Jacobson | August 12, 2007 at 4:38pm | 0 
American Home Mortgage Investment Corp. filed for bankruptcy last week, one of the biggest casualties yet of the great mortgage meltdown.
But don’t feel sorry for the company’s top execs. When there was hay to be made, they made it.
AHM paid its top five officers more than $7.5 million in bonuses for their work in 2006. More than $5 million of that was paid early this year, a company filing shows.
Robert F. Johnson Jr., an executive vice president, received almost $3 million in bonuses, about 10 times his annual salary, according to the company’s 2007 proxy statement, dated May 18. His bonus was $300,000 more than that of CEO Michael Strauss.
Mortgage mess sinks Wall Street exec
By Gary Jacobson | August 6, 2007 at 1:51pm | 0
The subprime mortgage mess claimed its first big Wall Street name Sunday as Bear Stearns forced out co-president Warren Spector.
Bear Stearns, which had two of its hedge funds collapse in June erasing more than $1.5 billion in capital, is a big player in bonds that back high-risk mortgages.
Spector, seen by some as the eventual successor to Bear Stearns CEO James Cayne, resigned. At a board meeting Sunday, directors determined that Alan Schwartz would be the sole president of the company.
No mystery, Schumer loves N.Y.
By Laurie Bennett | August 1, 2007 at 8:53pm | 0
Senator Charles Schumer, a Democrat from New York, has taken some heat for his split with his party over a plan to raise taxes in the hedge fund and private equity industries.
Some scratch their heads and wonder if the frequent crusader for the middle class is being overly influenced by political contributions from the buyout kings, who would see their personal taxes more than double under the plan.
But there really is no mystery. Schumer, a career politician and life-long New Yorker, is being true to his city, where many of the buyout firms are based.
Countrywide’s self-made men
By Gary Jacobson | July 27, 2007 at 9:19pm | 1
Angelo Mozilo, who made news this week with his startlingly candid assessment of the nation’s housing market, is a self-made man.
To pay tuition when he attended Catholic high school, he got a job with a mortgage company during the week and continued to work in his father’s Bronx butcher shop on the weekends, according to his biography with The Horatio Alger Association.
