Joseph Smith, II
President & CEO, Default Mitigation Management
Member of the Financial Services Council
Council Member Biography
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)
Employment History
- 2002 - present
- President & CEO, Default Mitigation Management
- 1997 - 2002
- EVP, Mortgage Servicing, PROVIDENT BANK
GLG NewsSM Analyses by Joseph Smith, II(?)
Opinions and analyses expressed in GLG News are solely those of the author. See the Terms of Use for details.
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Will only owrk if they do something with the mortgages!
December 12, 2008
Joseph Smith, II, President & CEO, Default Mitigation Management
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
Joseph Smith, II, President & CEO, Default Mitigation Management
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
Joseph Smith, II, President & CEO, Default Mitigation Management
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
Joseph Smith, II, President & CEO, Default Mitigation Management
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...
Leading institutions connect with Joseph Smith, II through GLG
GLG Study Groups with Joseph Smith, II(?)
| Study Group Name | No. Members |
|---|---|
| Fidelity National Information Services Experts | 107 |
| Title Insurance Experts: Mortgage Professionals | 27 |
| Title Insurance Experts | 111 |
| Sub-Prime Lending Experts | 590 |
GLG Live Meetings with Joseph Smith, II(?)
Joseph Smith, II has not participated in any GLG Live Meetings.