10 People Who Shaped the Mortgage Industry — Where Are They Now?
September 6, 2016 6:00 AM
They built one of the nation's largest-ever savings and loan associations, crafted one of the first loan origination systems and set the tone of the government's response to the financial crisis in the late 2000s. But all of them have moved on from the roles and titles that made them titans of the mortgage world. Some have entered the world of academia. Others created their own foundations, consulting firms and think-tanks. And yet more of them remain in the business world, close to where they got their start. The following 10 people shaped the mortgage industry as we know it today, but where are they now?
Kerry Killinger
Known for: — Chairman and CEO of Washington Mutual, 1990-2008 Where is he now: After being forced out of Washington Mutual at the height of the financial crisis, Killinger founded and became CEO of Crescent Capital Associates. The Seattle-based company "provides strategic planning, research and other advisory services to financial services and consumer products companies," according to Killinger's LinkedIn profile.
Scott Cooley
Known for: — Founder of Contour Software, 1982-2001 — Chief Strategy Officer at Ellie Mae, 2001-2002 — Helped to create one of the industry's first loan origination systems, selling it first to First American and later to Ellie Mae Where is he now: Cooley now works as an independent consultant of out his own firm, Cooley Consulting, working with mortgage technology firms to help them develop their products and market them. Cooley also owns and operates his own property management firm, which oversees six properties in the San Francisco area with more than 300,000 square feet of space.
Neil Barofsky
Known for: — First Special Inspector General of the Troubled Asset Relief Program, 2008-2011 Where is he now: After resigning from his post in 2011, Barofsky initially was an adjunct at New York University School of Law and a senior fellow at the school's Center on the Administration of Criminal Law. Barofsky then went on to join the law firm of Jenner and Block. He works in the firm's litigation department, focusing on white collar crime and commercial litigation among other areas. Barofsky also penned a book about his experience as SIGTARP, appropriately titled "Bailout."
Henry Paulson
Known for: — Chairman and CEO of The Goldman Sachs Group, 1999-2006 — U.S. Treasury Secretary, 2006-2009 Where is he now: Initially after leaving his post at the Treasury Department, Paulson was a fellow at the Paul H. Nitze School of Advanced International Studies at Johns Hopkins University for a year. In 2011, he formed the Paulson Institute, a non-partisan research institution at the University of Chicago, and he serves as the institute's chairman to this day. The think-tank primarily focuses on issues related to U.S.-China relations.
Franklin Raines
Known for: — CEO of Fannie Mae, 1999-2004 — Vice Chairman at Fannie Mae, 1991-1996 Where is he now: Raines went into "early retirement" in 2004 amidst an SEC investigation into accounting irregularities at Fannie Mae. In 2013, Raines co-founded and became executive chairman of XappMedia, a start-up mobile technology company providing interactive audio services to advertisers. He's also a director at Exclusive Resorts LLC, a luxury vacation and travel club.
Daniel Mudd
Known for: — President and CEO of Fannie Mae, 2005-2008 — Interim CEO of Fannie Mae, 2004-2005 — Chief Operating Officer at Fannie Mae, 2000-2004 Where is he now: Before he left Fannie Mae, Mudd became a director at global asset management firm Fortress Investment Group in 2007. That connection would pay off, as he would serve as CEO of Fortress from 2009 to 2012, leaving after being sued by the SEC over Fannie Mae's subprime exposure. He followed his stint at Fortress with some mortgage consulting work and helped in the development of a West African aviation infrastructure project, according to a 2013 profile by Bloomberg Businessweek. Today, Mudd is the CEO of Paladin Capital Group, a multi-stage private equity investment firm.
James Johnson
Known for: — CEO of Fannie Mae, 1991-1998 Where is he now: Johnson has dipped his fingers in many pots since stepping down as CEO of Fannie Mae. In the political realm, he served as chair of John Kerry's vice presidential selection committee in 2004. He was originally named to Barack Obama's vice presidential vetting committee, but stepped down when he was implicated in the controversy surrounding loans made to "friends" of Angelo Mozilo. Meanwhile, Johnson has remained active in financial services. He was vice chairman of banking and private equity firm Perseus from 2001 and 2012, and is still chairman of private consultancy Johnson Capital Partners and a director and chair of the compensation committee at Goldman Sachs. He has also dabbled in other professional and philanthropic pursuits, including being chairman emeritus at the John F. Kennedy Center for the Performing Arts and at The Brookings Institution and being a member of the Council on Foreign Relations and the American Academy of Arts and Sciences.
Alex Pollock
— President and CEO of the Federal Home Loan Bank of Chicago, 1991-2004 — Architect of the Mortgage Partnership Finance Program Where is he now: Upon his sudden exit from the Chicago FHLB in 2004, it was rumored that Pollock was looking to land a position in the Treasury Department during President George W. Bush's second term. That rumor never came to fruition, but Pollock did serve as a resident fellow at the American Enterprise Institute and is currently a distinguished senior fellow at R Street. He also serves as a director for the CME Group, one of the largest options and futures exchanges worldwide. And he continues to write — about Fannie Mae and Freddie Mac, among other topics.
Marion and Herbert Sandler
Known for: — Co-CEOs of Golden West Financial Corp. and World Savings Bank, 1963-2006 — Contributed to Wachovia's downfall as subprime loans the bank acquired through its acquisition of Golden West Financial Corp. and World Savings Bank would add to the troubles faced during the financial crisis Where are they now: After selling their company to Wachovia in 2006, the Sandlers became philanthropists, setting up the Sandler Foundation. According to its website, the charitable foundation has made grants totaling more than $750 million as of the end of 2015. Among the recipients of the foundation's grants are the Center for American Progress, the Center for Responsible Lending, the ACLU, Human Rights Watch and the American Asthma Foundation Research Program. Money from the Sandler Foundation also funded the Pulitzer Prize-winning investigative news outlet ProPublica at its launch. During the financial crisis, the Sandlers were pilloried in the media — even receiving the Saturday Night Live treatment — for their role in the lead-up to the crisis. Marion died at 81 in 2012.
Carol Galante
— FHA Commissioner and Assistant Secretary for Housing at HUD, 2011-2014 — Deputy Assistant Secretary, Office of Multifamily Housing programs, at HUD, 2009-2011 Where is she now: After leaving HUD in 2014, Galante joined the faculty at the University of California, Berkeley, as the I. Donald Terner Distinguished Professor in Affordable Housing and Urban Policy. She works as a professor in the school's Department of City and Regional Planning and is the faculty director of the Terner Center for Housing Innovation. Galante is also a member of the board at Ocwen Financial Corp.
