RALEIGH, NC – Joseph A. Smith, Jr., monitor of the national mortgage settlement, today announced that he has engaged BDO Consulting, a division of BDO USA, LLP, as his primary professional firm. BDO will join the Monitor and his team for a period of three and a half years as they oversee the implementation of the settlement involving 49 states, the United States government and five of the nation’s largest banks.
“As I entered the process of engaging the primary professional firm, I knew it would be critical to find the right balance of independence and capacity,” said Smith. “I conducted a thorough review of more than 20 firms, and I am confident that I have found the best balance in BDO. I’ll also continue to work with other forensic accountants, consultants and attorneys. I am now in the process of engaging secondary professional firms, which will provide additional support. This blend of experienced professionals will provide me the benefit of various perspectives and proficiencies while ensuring we have the boots on the ground necessary to do our work.”
“We at BDO are honored and gratified to have been selected by the Monitor for this important work,” said Carl W. Pergola, partner-in-charge of BDO’s consulting services. “BDO will work closely with the Monitor and the secondary professional firms to facilitate compliance with the agreement.”
“BDO has significant mortgage industry experience servicing large retail mortgage lenders and financial institutions, having conducted related assessments and investigations subject to regulatory oversight,” added BDO Consulting partner Anthony M. Lendez. “Having managed numerous multi-disciplinary, multi-firm project teams to complete complex and time-sensitive matters, we believe our experience and qualifications will prove valuable in assisting the Monitor.”
For more than 100 years, BDO USA has served as an accounting, tax, financial advisory and consulting organization. BDO serves clients through 41 offices and more than 400 independent alliance firm locations nationwide. More than 30 BDO professionals will work with the Monitor to oversee the settlement.
Exhibit E, Section C of the consent judgments directs the Monitor to retain a primary professional firm. Under the Monitor’s direction, BDO will work in this role alongside his staff of consultants, forensic accountants, attorneys and secondary professional firms to oversee the settlement. During the next month, the Monitor will work with this blend of experts to create the work plan for overseeing the banks. For additional information about how the Monitor’s team will work together, please review the attached organizational graphic.
About the Office of Mortgage Settlement Oversight More information about the mortgage settlement is available at www.nationalmortgagesettlement.com. Further information about Joseph Smith and the Office of Mortgage Settlement Oversight is available at www.mortgageoversight.com.
About BDO USA, LLP BDO is the brand name for BDO USA, LLP, a U.S. professional services firm providing assurance, tax, financial advisory and consulting services to a wide range of publicly traded and privately held companies. For 100 years, BDO has provided quality service through the active involvement of experienced and committed professionals. The firm serves clients through 41 offices and more than 400 independent alliance firm locations nationwide. As an independent Member Firm of BDO International Limited, BDO serves multinational clients through a global network of 1,118 offices in 135 countries.
BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. www.bdo.com
BDO Consulting is a division of BDO USA, LLP. www.bdoconsulting.com.