Bayview Forced to Repurchase Securitized Loans After Executive Altered Loans to Pump Up Commissions
July 28, 2006
Bayview Financial officials are scrambling to soothe the uneasiness on Wall Street after it reported that one of its executives falsified loan information for several years. The unidentified managing director and limited partner faked credit data in order to sweeten his commissions, the company said “Approximately 3 percent of the loans included in our outstanding securitizations of residential mortgage loans showed evidence of altered data,” Chief Operating Officer David Quint stated in a re-cent prerecorded message to investors that was posted on the firm’s Web site...