Industry NewsMortgage

Ex-Golden West exec now HUD’s top lawyer

Michael Flynn named acting general counsel

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The Department of Housing and Urban Development's legal staff of 370 attorneys will be overseen for the remainder of the Bush administration by Michael Flynn, who was the top lawyer at Golden West Financial Corp. during the housing boom. Flynn served as senior vice president and senior counsel at Golden West -- known for its "pick-a-pay" adjustable-rate mortgages -- from December 2001 to January 2007. Golden West was acquired by Wachovia Corp. in 2006, and Wachovia was itself taken over by Wells Fargo last month as mounting losses left the company undercapitlized. Former Golden West chief executive Herb Sandler, who with his wife Marion was ridiculed in a recent "Saturday Night Live" sketch, has said pick-a-pay mortgages were not the cause of Wachovia's demise. At Golden West, Flynn managed a team of lawyers that oversaw the legal aspects of the company's mortgage lending practices, including originations, litigation, servicing, regulatory disputes, and ...