Joseph Smith, II
Default Mitigation Management
Joseph Smith is the 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 the 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 the 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)
| 2002 - present | President & CEO Default Mitigation Management |
|---|---|
| 1997 - 2002 | EVP, Mortgage Servicing PROVIDENT BANK |
GLG Study Groups with Joseph Smith, II(?)
| Study Group Name | Members |
|---|---|
| Fidelity National Information Services Experts | 94 |
| Title Insurance Experts: Mortgage Professionals | 26 |
| Title Insurance Experts | 81 |
| Sub-Prime Lending Experts | 522 |
GLG NewsSM
Analyses by Joseph Smith, II(?)
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...
The article is right on target in pointing out the various issues around bank reporting their losses todate. 1. Allowable accounting standards. 2. Permanent versus Temporary Losses 3. Capital Requirments The article goes on to highlight the various issues around soveriegn wealth funds, capital levels...
1. While the article does a good job of pointing out that the losses will be greater under the House FHA Plan than expected and that the tax payers will carry the cost, it along with the plan by the House misses the mark by thinking banks will take advantage of the plan. 2. The real owners of...
Through mid 2008 these will continue to be the drivers of home loan financing. Coming up quickly will be HUD/FHA. The unkown related player will be community banks, credit unions and small regionals. There is a problem that is already surfacing, add on fees by the banks using these groups for fundi...
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