Friday, January 18, 2008

Mortgage Company Exec Jumps to Death

SF Chronicle:

An executive of a collapsed subprime mortgage lender jumped to his death from a bridge Friday, shortly after his wife's body was found inside their New Jersey home, authorities said.

The deaths of Walter Buczynski, 59, and his wife, Marci, 37 — the parents of two boys — were being investigated as a murder-suicide, according to the Burlington County Prosecutor's Office.

Walter Buczynski was a vice president of Columbia, Md.-based Fieldstone Mortgage Co., a high-flying subprime mortgage lender that made $5.5 billion in mortgage loans and employed about 1,000 people as late as 2006.

However, it has since filed for bankruptcy and now has fewer than 20 employees. The company had recently filed court papers seeking approval to pay about $1.1 million in bonuses that would be divided among Buczynski and other staffers so the company could wind down its lending operations and go out of business.


Rob Dawg said...

Authorities are still puzzling how Buczynski managed to tie himeself up and hurl himself off the bridge with two bullets in the back of his head.

Bakersfield Bubble said...

Yeah I hear you Rob - listen to what a former employee had to say:

Considering I'm a former employee of Fieldstone Mortgage..he deserved to go to hell with the policies he helped create to screw over consumers in every way possible. He was a crude backstabber where favoritism ran supreme. I was in a position that didn't relate to loan decisions or loan making, it was sickening what was going down. It's highly unfortuante his wife was killed as a result and their kids have to suffer for his mistakes

Rob Dawg said...

The thing is people like this share with Casey the gambler mentality. They'll double down again and again until there's less than nothing and even then they won't have hesitation to deal with Vinny the Nose because they know they can handle the vig with the float on the next big deal.

Perfect Storm said...

For all the other mortgage broker scum, there are plenty of bridges out there, just pick a high one.

*K-Knit* said...

Great Blog! Keep up the good work!

SacramentoCrash said...

Fools and liar bailout courtesy of the DC Nut crowd

Why oh why must it always be the little old lady with her modest portfolio of CD's and safe dividend paying utility stocks that is made to pay the price for the deadbeats who take out loans they cannot make good on and the bankers that lend it to them?

Deflation is good for the frugal with cash, inflation is good for the fool with $25,000 in credit card debt, a liar loan and a $750,000 house he had no business buying in the first place.

This country has become a nation of whining parasites demanding the few who live responsibly bail them out again and again.

Give me the recession and let the fools pay the price.

What you will get is:

High oil prices
Spiraling inflation
Devalued dollar
LESS consumption by boomers and seniors because their savings account income and dividend yields were hacked by the Fed.

Depression like 1929 which was also caused by a hyperbubble.

Anonymous said...