Reid Got Buyout From MBA
The Mortgage Bankers Association of America provided a former chief executive with a $1 million buyout when he agreed to step down in June 2000. The MBA paid former executive vice president Paul S. Reid $521,962 in ordinary compensation in fiscal year 2000 along with a $1.27 million buyout, according to a National Journal report on trade association executive compensation. It is understood that Mr. Reid had a three-year contract and he agreed to resign after serving two-and-a-half years. Jonathan Kempner is the MBA's current top executive. An MBA spokeswoman declined to comment on the National Journal report, except to say that the "numbers speak for themselves." Mr. Reid also declined to comment on the buyout. However, the former mortgage executive has become the president of Digital Sports, which sells digital products to high school athletes and their parents, including team videos. "I am also doing some mortgage consulting and working with a [mortgage] company," Mr. Reid told MortgageWire.