82 SUPERLAWYERS.COM ATTORNEYS SELECTED TO SUPER LAW YERS WERE CHOSEN IN ACCORDANCE WITH THE PROCESS ON PAGE 8.
general counsel Amy Schulman, “was his
ability to manage multiple competing
demands simultaneously and effectively.
He was a terrific developer of talent and a
very strong leader.”
LERMAN REPEATEDLY AND ADEPTLY
sidesteps questions about Fannie Mae’s
culpability in the housing crisis, refusing
to lay blame on past administrations or
anyone else for that matter. His focus is on
fixing problems and moving forward.
“With respect to what role Fannie Mae
did or didn’t play,” he says, “I don’t view
that as productive conversation. The real
question is, ‘ What have we learned?’ And
the way to figure out what we have learned
is to see what we are doing. If you look at
the quality of our book of business since
2009, and if you look at the performance
of lenders and of folks in the marketplace
with respect to the business that has been
written, you’ll see that substantial lessons
were learned.” That book of business
includes helping 1.3 million families avoid
foreclosure and helping allow 11. 4 million
mortgage refinances.
“People here have a certain resiliency
and courage that is remarkable to me,” he
adds. “Because this is not a place where
we get a lot of praise publicly for what we
do. Yet what we do is so important. After
what this organization has gone through,
that we still believe in ourselves and we
still do the right things and we still make a
difference, that energizes me.”
This year, Lerman has overseen a more
than $11 billion agreement with Bank of
America, and a $968 million settlement
with Citigroup, to resolve issues regarding
questionable mortgage loans the banks
sold to Fannie Mae.
Instead of dwelling on legacy issues left for
him to clean up, Lerman is more interested
in the legacy Fannie Mae is building, what he
calls a “bridge to the future.”
“We don’t know what the future state
will be,” he says, “but it will be different
from what it is now. We certainly look at
the marketplace where Freddie [Mac]
and Fannie [Mae] have a huge share of
the market. Everybody agrees that share
needs to be brought down; everybody
agrees that taxpayer backstop needs to be
reduced in the mortgage market. Where it
goes? We don’t participate in the political
process, so policymakers will make their
determinations as to how they want things
to change. But we’re putting together a
structure and rebuilding a team that will
allow policymakers choices as to how to
achieve those goals.”
Everything for Lerman is “we” instead
of “I.”
“I take great pride in the success of our
business,” he says, “but I don’t take credit.
It’s all part of the team. We’re all in this
submarine together.”
CONTINUED FROM PAGE 80
TWO DECADES
OF EXCEPTIONAL SERVICE
This year, Craddock Davis & Krause celebrates its
20th anniversary of providing high-quality legal
services to corporations and individuals. Since its
founding in 1993, the firm has built a reputation
for thorough preparation, effective advocacy
and responsiveness to its clients. Putting our
national resources to work in dealing with today’s
increasingly complicated litigation, the lawyers
of Craddock Davis & Krause are especially
adept at presenting complex matters in an
understandable and persuasive way.
The firm is honored to have two of its name
partners, D. Mark Davis and Kent C. Krause,
selected again to the Texas Super Lawyers list.
In addition, Michael J. Craddock was selected
a New Mexico Top Rated Lawyer and all three
partners hold Martindale-Hubbell’s highest
rating of AV® Preeminent™.
3100 Monticello Ave., Suite 550, Dallas, TX 75205
0(;;;;;;;;;;;;;;;;; s; & 8;;;;;;;;;;;;;;;;
cdklawfirm.com
LEFT TO RIGHT: D. Mark Davis*, Kent C. Krause*†, Michael J. Craddock
*CHOSEN TO 2013 SUPER LAWYERS, †TOP 100 & TOP 100 DALLAS/FORT WORTH
