Mr. Joseph Smith II
President and CEO, Default Mitigation Management
Member of the Financial Services Council
Council Member Biography
Joseph Smith is President and Chief Executive Officer at Default Mitigation Management (DMM), an industry leader in mortgage workouts. DMM works with both borrower and the lender to resolve defaulted loans. The firm has worked or is working with the following lenders: US Bank, Kentucky Housing, Saxon Mortgage, Citi Mortgage, EMC, Principal Residential, Fifth Third, Cenlar, UBS, New South Federal, Peoples Community Bank, Bank of Kentucky, Fremont Investments, and Litton Loan Servicing. Prior to DMM, he was EVP and Founder of Mortgage Servicing at Provident Bank where he built a $20 Billion servicing platform. Mr. Smith's areas of expertise include origination, portfolio Management and due-diligence, credit/risk management, and mortgage servicing. He was also Founder of CARES (Committee for Actual Real Estate Solutions) which has been asked by a bi-partisan group of the Senate banking Committee to draft loss mitigation legislation. (This is me - Update Profile)
Employment History
- 2003 - Unspecified
- President and CEO, Default Mitigation Management
- 2001 - 2003
- Consultant, Johnson Consulting Services, Inc.
- 1996 - 2001
- EVP, Mortgage Servicing, PROVIDENT BANK
GLG NewsSM Analyses by Joseph Smith
GLG News is now G+ Insights
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G+ is a community for professionals, academics and entrepreneurs to connect through online discussions and in-person meetings. You will continue to see G+ Insights (formerly GLG News) here as well as on the G+ website, where you can share and discuss the G+ Insights you read.
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QE II Leads the way to currency issues!
November 16, 2010
Intermission on the Stage of World Finance | seekingalpha.com
The dollar was already under fire, with QE II there is a big target on the dollar, certainly not worth the minimal impact to deflation.
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Will only owrk if they do something with the mortgages!
December 12, 2008
RBS Promises Borrowers Six-Month Respite Before Foreclosing on Mortgages | www.bloomberg.com
1. Only works if the loans are re-performed. 2. Can be a rat in the snake waiting to pass. 3. Can make the situation worse with failure to reperform 4. There are good and bad modifications
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Blame the models and Risk Based Pricing
September 30, 2008
Why Risk Models Failed to Spot the Credit Crisis by Adam Davidson | www.npr.org
Models only cover certain variables and the crisis involved much more than mortgage pricing and a few macroeconomic issues. Risked based pricing as used in the mortgage industry had an underlying flaw that caused the models to fail. Greed played the other part.
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What to expect from the bailout.
September 12, 2008
U.S. bails out Fannie Mae, Freddie Mac, ousts CEOs | www.bizjournals.com
1. Shows how truly bad the mortgage industry has gotten and how scared the feds are of where we are going. 2. If the major source of liquidity can not survive, who will? 3. What should be the outcome.
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May 28, 2008
UBS Falls After Saying More Mortgage Losses Possible | www.bloomberg.com
The news is not good for UBS. The amount of mortgage holdings in US and Non-US declining markets will lead to further losses. 1. $45 B of additional US Mortgage Holdings. 2. An undisclosed amount of non-US mortgage holdings. 3. A UK and Eurpoean mortgage market that is going down as well. 4. The slump in home prices is not over and is impacting performing mortgages.
GLG Study Groups with Joseph Smith(?)
| Study Group Name | No. Members |
|---|---|
| Business Process Outsourcing Experts | 1765 |
| Sub-Prime Lending Experts | 637 |
| Core Bank Processing Experts | 561 |
| Subprime Mortgage Experts (US) | 537 |
| Structured Finance Experts | 365 |
GLG Live Meetings with Joseph Smith(?)
GLG Webcasts & Teleconferences
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