LO Owed Money by MBA Chief's Defunct Firm?

Loan officer Yale Bertolucci says he is owed $5,650 by Central Pacific Mortgage of Folsom, Calif., a defunct mortgage firm controlled and managed by incoming Mortgage Bankers Association president John Courson. In a recent interview with National Mortgage News, Mr. Bertolucci said he has a state-sanctioned judgment against the company for unpaid wages, adding that he is none too happy that Mr. Courson (who closed CPM in early 2007 after it couldn't handle loan buyback requests from investors) is now in charge of the nation's large mortgage trade group. "He left thousands of employees without their last paychecks," said Mr. Bertolucci, who has yet to collect on his judgment. Mr. Courson declined to comment directly on the judgment. A spokeswoman for the MBA said, "John was trying to sell the company [CPM]. When the sale didn't happen, he was forced to close it. He was unable to make the last payroll." She said there are at least eight judgments against CPM. "I don't know the amounts," the spokeswoman said. "The judgments are against CPM, not John."