Bankruptcy

Speech by Fannie Mae?s President

By J. Michael McBride

Way back in February, Daniel Mudd spoke to the Homebuilders Association and assured them that his company was doing all it could to weather the storm, including cutting the corporate dividend (and it also quit paying his $100,000 annual tab for his country club). He also talked about the effort which the company made to avoid foreclosure.

“In his talk, Mudd stressed the importance of giving defaulting mortgage holders who face foreclosure "an exit with dignity" (below). On Sept. 7, the federal conservator who took over Fannie Mae foreclosed on Mudd. Mudd has hired politically powerful Washington attorney Bob Barnett to negotiate his severance, which is expected to be a very dignified $9 million.”

Here is a link to this article:
http://www.slate.com/id/2199813/entry/2199814/

Michael

Full post as published by Texas Lawyer Blog on September 11, 2008 (boomark / email).