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ยป VISIT US ONLINE @ DSNEWS.COM Movers & Shakers where can be a tough task, which is why DS News highlights those people in the industry who are making things happen. Got something to share with us? Send it to Editor@DSNews.com. One thing's for certain: The default industry doesn't sit still. Keeping up with who's doing what and who went Citigroup's CEO and COO Resign, EMEA Head to Take Reins Citigroup CEO Vikram Pandit resigned from his position as chief executive and stepped down from the bank's board of directors. Pandit took the reins at Citi in December 2007, just as the financial crisis began to take hold, steering the nation's third-largest bank by assets through a $45 billion bailout that made the federal government an owner, the Great Recession, a paring down of its businesses, and the largest multistate settlement since the tobacco industry's. Pandit's departure was unexpected, shocking both internal staff and investors. According to media reports, there was some contention between Pandit and the rest of the board. President and COO John P. Havens announced his resignation the same day. Havens, who also served as CEO of Citi's Institutional Clients Group and was with the company for five years, said he already planned to retire at year-end. In light of Pandit's resignation, he decided to take his leave early. Citi's board of directors unanimously elected Michael Corbat CEO and a director of the board. Corbat previously served as Citigroup's CEO of Europe, Middle East, and Africa (EMEA). He has been with the bank for 29 years. Corbat managed numerous institutional businesses for Citi, including sales and trading, capital markets, corporate and commercial banking, and such consumer businesses as wealth management, mortgages, and credit cards. He graduated from Harvard University with a bachelor's degree in economics in 1983. Trott & Trott Cultivates Young Careers in Its Local Community Four attorneys with Trott & Trott, P.C., were recognized as "Michigan Rising Stars" by Super Lawyers magazine. The publication honored Melissa Byrd, Brian Yoho, Rana Razzaque, and Amy Neumann with the distinction, which is awarded to local attorneys 40 years or younger who practiced for 10 years or fewer and are nominated by a fellow attorney who witnessed them in action, whether as co-counsel, opposing counsel, or through firsthand observation. Byrd joined Trott & Trott in 2011 as a litigation attorney and concentrates her practice in the areas of bankruptcy and mortgage creditors' rights. She earned her bachelor's degree from the University of Michigan at Dearborn and her Juris Doctor from the Ave Maria School of Law. Yoho graduated with a bachelor's degree in history from Erskine College and earned his Juris Doctor from Ave Maria School of Law in 2003. Yoho primarily practices in the field of loss mitigation. Razzaque serves as a litigation attorney for Trott & Trott, representing the mortgage and banking industries on real property and title issues. She has experience in state and federal courts, including appellate work. Razzaque graduated with a bachelor's degree in English from McDaniel College in 2001 and received her Juris Doctor from the Michigan State University School of Law in 2004. Neumann joined Trott & Trott in 2003 as a practicing attorney and co-manager of the litigation practice group. Neumann concentrates on mortgage banking, default servicing, and real estate. She graduated with a bachelor's degree from Oakland University in 1998 and earned her Juris Doctor from Wayne State University School of Law in 2002. In addition, the firm welcomed Caroline Gersch as part of its participation in "Challenge Detroit." Gersch joins Trott & Trott from her previous position as chairwoman of Wayne State Law School's Free Legal Aid Clinic, Inc., where she oversaw all aspects of legal services provided to underprivileged residents. Gersch earned her Juris Doctor from Wayne State University and is one of 30 final participants selected for Challenge Detroit, a revitalization initiative that offers incentives for individuals to live and work in select areas of Detroit and pairs each participant with a host company to work with for a year. Rogers Townsend Chairman Elected to MBAC Leadership Role Rogers Townsend & Thomas, P.C., shareholder and board chairman Samuel C. Waters was elected associate director of the Mortgage Bankers Association of the Carolinas. Waters focuses his practice on residential foreclosures, bankruptcy, litigation, evictions, and loan workouts. He previously served as counsel for the Department of Veterans Affairs. DataQuick Appoints Executive Chairman Frank V. McMahon took a new role with DataQuick as executive chairman. McMahon most recently served as a consultant to TPG Capital, parent of Decision Insight Information Group, which owns DataQuick. He previously held several executive positions with First American Corp., including CFO, vice chairman, and CEO of its Information Solutions Group. CONTINUED ON PAGE 32 Wells Fargo Faces Federal Charges of Mortgage Fraud Fargo over what officials allege constitutes more than 10 years of misconduct as a direct endorsement lender for the Federal Housing Administration (FHA). The civil mortgage fraud lawsuit, filed in a Manhattan federal court last month, alleges Wells Fargo falsely certified the credit and underwriting quality of FHA loans it originated. According to the complaint, thousands of Wells Fargo's FHA-insured mortgages defaulted as a result of deficient underwriting, causing the government agency to lose hundreds of millions of dollars. Preet Bharara, U.S. attorney for the Southern District of New York and lead prosecutor in the case, says Wells Fargo failed to comply with the three basic quality control requirements mandated by FHA's direct endorsement lender program, which gives approved lenders the authority to originate, underwrite, and certify mortgages for government-backed insurance without obtaining prior approval from FHA or HUD. Bharara also alleges Wells Fargo The U.S. government sued Wells did not sufficiently train staff on the proper procedures for originating and endorsing FHA loans and instituted a bonus incentive plan that rewarded employees based purely on the number of loans approved regardless of quality, which he contends propagated the practice of reckless underwriting. Bharara claims concerns about the quality of FHA loans were raised internally at the bank, but Wells Fargo did not report these concerns or alert authorities about the bad loans until after his office issued a subpoena last year. According to court documents, between May 2001 and October 2005, Wells Fargo certified that more than 100,000 FHA loans met HUD's requirements and were eligible for government CONTINUED ON PAGE 32 31