Bank Foreclosure Fraud - The Victim's Professional/Educational Background

The excerpt below regarding the "Victim's Background" is from the Jan. 29, 2010 Notice sent to Senior officials for North Carolina and the Federal government on a mortgage that was:

• ALWAYS paid before the monthly due date
• NEVER delinquent
• NEVER in default
• And on the day of eviction PAID-IN-FULL !!

#    #    #    #    #

This pertains to the 31-Count Indictment Filed Against . . .

whose actions were carried out at the behest of . . .

. . . to cover-up the FRESCA crimes of MorganStanleyGate

Victim’s Background

The 31-count indictment filed by Spencer C. Young against Paragon Commercial Bank and Poyner & Spruill are based on first-hand observations and experiences as a victim with an exceptionally deep and directly relevant background in finance and banking, with particular expertise in commercial mortgages. 

This background includes thirteen years as a senior executive in commercial and investment banking, with involvement or oversight in $50 Billion in commercial mortgage transactions, chronologically as follows:

Division Controller and Treasurer of Citicorp Real Estate for five years, where commercial mortgage loan originations were as high as $10 billion annually before they were abruptly halted by what was effectively an economic depression and market value freefall in the commercial real estate industry during the early 1990’s;

Chief Operating Officer of JPMorgan’s Commercial Mortgage Conduit for three years, after having founded the Commercial Mortgage Backed Securities (“CMBS”) business at JPMorgan, and leading to the origination and securitization of $1.5 billion in commercial mortgage loans during the nascent stages of the CMBS industry’s development, achieving a #2  ranking for the underwriting and issuance of conduit CMBS; and

Executive Director and Head of Morgan Stanley’s Commercial Mortgage Conduit during a five-year tenure, which included developing and trademarking the IQ® (“Institutional Quality”) brand of CMBS, valued at $250 million+, and originating $5.5 billion and securitizing $23.5 billion in commercial mortgage loans, including 3 consecutive years as the #1 underwriter of CMBS.

Preceding this banking career, roughly nine years were spent in Corporate Finance at Dun & Bradstreet and as an Auditor and CPA at Arthur Andersen & Co., which ensued upon graduation from Cornell University with a Bachelor of Science degree in Hotel & Restaurant Administration and a Masters of Business Administration degree (an MBA, majoring in Finance).  

Conclusion  

 Such an extensive and directly relevant background would suggest this indictment should be considered highly credible.

Important reconciliation - If you've read other postings on this blog and other affiliated websites, you may have noticed a reference to Spencer C. Young's experience in commercial mortgage-related transactions with such statements as: "over $30 billion", or "$32 billion in transactions"  and wondered how they relate to the $50 billion in transactions referenced above.  All these statements are accurate.  The $32 billion are "line" position related transactions - in other words, positions in which Mr. Young was responsible for business production and profitability, and $18 billion was while he was in a "staff" position as Controller/Treasurer.  Here's a reconciliation (amounts in $ billions):

      Citicorp Real Estate & Securities (In Staff role)             $18.0
      JPMorgan - Mortages Orginated                 $ 1.5
      JPMorgan - CMBS Underwritten                     1.5
      Morgan Stanley - Mortgages Originated        5.5
      Morgan Stanley - CMBS Underwritten          23.5

            Subtotal  (in Line role)                                          $ 32.0

      Total Commercial Mortgage Related Transactions      $ 50.0