A walk down memory lane
Does anyone remember Alan H. Fishman? Mr. Fishman was anointed as the new CEO of Washington Mutual about three-weeks ago. Last Thursday his tenure came to a screeching haut when WAMU crashed and burned and the pieced were picked up by CitiGroup.
Mr. Fishman gets to keep his signing bonus as well as his golden parachute for a total of just under 20-million. Not bad for less then three-weeks work.
What does this have to do with mortgage servicing you ask? Well, Mr. Fishman was brought in to save ContiFinancial (CFC) back in 2000. CFC owned ContiMortgage Corporation. In May of 2000 Conti filed Chapter 11 and a few months later Fairbanks Capital bought the servicing platform from ContiMortgage. A few here may remember Conti.