WEBVTT - Ocwen Sued Over Improper Mortgage Handling (Audio)

0:00:00.040 --> 0:00:03.320
<v Speaker 1>The Consumer Financial Protection Bureau and twenty two states have

0:00:03.440 --> 0:00:07.440
<v Speaker 1>sued Aquan Financial, a mortgage servicer that performs tasks like

0:00:07.480 --> 0:00:10.559
<v Speaker 1>collecting mortgage payments on behalf of the banks that actually

0:00:10.600 --> 0:00:14.440
<v Speaker 1>lend the money, among other things. The CFPV says that

0:00:15.200 --> 0:00:18.680
<v Speaker 1>Aquan routinely mishandled millions of mortgage accounts, and that the

0:00:18.720 --> 0:00:22.400
<v Speaker 1>software Aquan uses to manage mortgages is deeply flawed, adding

0:00:22.920 --> 0:00:27.720
<v Speaker 1>errors regularly to borrowers accounts. Aquan disputes the allegations and

0:00:27.760 --> 0:00:30.720
<v Speaker 1>has called the lawsuit politically motivated. But this isn't the

0:00:30.760 --> 0:00:33.640
<v Speaker 1>first time that it's been in hot water with the CFPV,

0:00:34.320 --> 0:00:38.400
<v Speaker 1>and it's facing some very serious lawsuits right now. With

0:00:38.520 --> 0:00:42.280
<v Speaker 1>us to talk about the litigation against Aquan is Robert Hockett,

0:00:42.280 --> 0:00:47.680
<v Speaker 1>a professor at Cornell University Law School. Bob explained to

0:00:47.760 --> 0:00:55.320
<v Speaker 1>us exactly what the CFPV says that Aquin did wrong here. Sure, sure,

0:00:55.560 --> 0:00:57.280
<v Speaker 1>So it's great to be with you. Thanks for having

0:00:57.280 --> 0:00:59.639
<v Speaker 1>me on again. Essentially, if you go back to one

0:00:59.640 --> 0:01:01.959
<v Speaker 1>thing I might help listeners as if they remember back

0:01:01.960 --> 0:01:05.040
<v Speaker 1>at the so called robosigning scandals where a lot of

0:01:05.040 --> 0:01:08.520
<v Speaker 1>banks were getting in trouble for supposedly UH filling out

0:01:08.600 --> 0:01:11.679
<v Speaker 1>or filling dot filling out documents kind of fraudulently in

0:01:11.760 --> 0:01:15.479
<v Speaker 1>order to begin to foreclose on homes which UH mortgages

0:01:15.480 --> 0:01:17.800
<v Speaker 1>were sort of getting laid on their payments. One of

0:01:17.840 --> 0:01:20.319
<v Speaker 1>the reasons that was alleged for that was that basically

0:01:20.360 --> 0:01:23.840
<v Speaker 1>they were just such a big upswing in foreclosures in

0:01:23.880 --> 0:01:26.640
<v Speaker 1>the wake of the crisis that the banks simply couldn't

0:01:26.640 --> 0:01:29.200
<v Speaker 1>handle it. They simply couldn't keep up with all of

0:01:29.200 --> 0:01:31.240
<v Speaker 1>the servicing requirements that they had to keep up with,

0:01:31.640 --> 0:01:33.760
<v Speaker 1>so a lot of the banks began to unload a

0:01:33.800 --> 0:01:36.480
<v Speaker 1>lot of these servicing rights to affirm like Aquan and

0:01:36.520 --> 0:01:39.520
<v Speaker 1>Aquin purported to be a specialist at handling this kind

0:01:39.520 --> 0:01:42.000
<v Speaker 1>of stuff. They supposedly have the right software, the right techniques,

0:01:42.280 --> 0:01:43.800
<v Speaker 1>so they could kind of do all of this stuff

0:01:43.840 --> 0:01:45.240
<v Speaker 1>in the right way on the up and up. They

0:01:45.240 --> 0:01:49.240
<v Speaker 1>could kind of manage each particular mortgage account well and

0:01:49.320 --> 0:01:51.400
<v Speaker 1>take in the payments. They could do readjusting of a

0:01:51.680 --> 0:01:54.800
<v Speaker 1>monthly payments if necessary. Um, they could basically handle it

0:01:54.840 --> 0:01:56.480
<v Speaker 1>all in a much more efficient way. Was to claim.

0:01:56.720 --> 0:01:59.120
<v Speaker 1>What the CFPB and what twenty two states are saying

0:01:59.200 --> 0:02:01.840
<v Speaker 1>is that Aquin has proved no better at this than

0:02:01.880 --> 0:02:05.240
<v Speaker 1>the banks were said to be doing back in the

0:02:05.320 --> 0:02:07.120
<v Speaker 1>idea is first of all, but the software that they're

0:02:07.160 --> 0:02:09.760
<v Speaker 1>using is not capable of tracking all of the various

0:02:09.760 --> 0:02:12.839
<v Speaker 1>functions that have to be tracked in servicing these many

0:02:12.880 --> 0:02:16.440
<v Speaker 1>many loans. UH. They're claiming that auqwin is failing to

0:02:16.520 --> 0:02:20.400
<v Speaker 1>record payments that mortgagers are actually making on some of

0:02:20.400 --> 0:02:22.840
<v Speaker 1>these loans. They're saying that auqwin is failing to make

0:02:22.919 --> 0:02:24.960
<v Speaker 1>various tax payments and other sorts of payments that have

0:02:25.000 --> 0:02:27.880
<v Speaker 1>to be made out of the escrow accounts associated with

0:02:27.880 --> 0:02:31.400
<v Speaker 1>particular mortgages, and that in consequence, UM something like one

0:02:31.400 --> 0:02:35.000
<v Speaker 1>and a half million homeowners have been harmed already. So

0:02:35.120 --> 0:02:37.880
<v Speaker 1>a number of states UH states have sued as as

0:02:37.919 --> 0:02:40.160
<v Speaker 1>you know as a CFBVS sued, and a bunch of

0:02:40.200 --> 0:02:42.920
<v Speaker 1>states have also issued seas and asists orders, essentially saying

0:02:42.919 --> 0:02:45.960
<v Speaker 1>that aukwin has to stop UH taking on any more

0:02:46.000 --> 0:02:48.919
<v Speaker 1>servicing business until it can sort of prove or sort

0:02:48.960 --> 0:02:52.240
<v Speaker 1>of get under wraps the business that is currently claiming

0:02:52.240 --> 0:02:56.880
<v Speaker 1>to be handling Bob. The Consumer Financial Protection Bureau said

0:02:56.960 --> 0:03:01.720
<v Speaker 1>that Aquin allegedly foreclosed illegally on at least to thousand homeowners.

0:03:01.960 --> 0:03:04.920
<v Speaker 1>Don't they have to go through a court proceeding and

0:03:05.040 --> 0:03:09.760
<v Speaker 1>prove some facts before they can foreclose illegally and don't

0:03:09.840 --> 0:03:13.600
<v Speaker 1>have to verify whether the debt was valid. They do.

0:03:13.680 --> 0:03:17.480
<v Speaker 1>But but here's the different states have different degrees of friction.

0:03:17.520 --> 0:03:19.680
<v Speaker 1>You might say that they put up in the way

0:03:19.720 --> 0:03:22.200
<v Speaker 1>if it would be forecloser. In some states it's a

0:03:22.200 --> 0:03:25.360
<v Speaker 1>lot easier and faster for to foreclose than in others.

0:03:25.480 --> 0:03:29.400
<v Speaker 1>What's more, if Akwin, for example, UM was sort of

0:03:29.440 --> 0:03:31.720
<v Speaker 1>proving that it had the right to foreclose by producing

0:03:31.720 --> 0:03:35.880
<v Speaker 1>certain documents that might have been you know, robosigned, if

0:03:35.880 --> 0:03:37.840
<v Speaker 1>I can use that word again, that you know, basically

0:03:37.920 --> 0:03:40.200
<v Speaker 1>referring to what the banks were accused of around seven

0:03:40.280 --> 0:03:42.920
<v Speaker 1>years ago UM, and then some of those foreclosures could

0:03:42.920 --> 0:03:47.840
<v Speaker 1>definitely be suspect, even though uh Ackwin sort of complied

0:03:47.920 --> 0:03:49.760
<v Speaker 1>with the sort of the letter of the law, or

0:03:49.800 --> 0:03:53.000
<v Speaker 1>appears to have complied with the letter of the law. Bob,

0:03:53.560 --> 0:03:55.520
<v Speaker 1>you know, this isn't the first time the CFPB has

0:03:55.560 --> 0:03:57.840
<v Speaker 1>got after Akwin and went after them in two thousan

0:03:59.040 --> 0:04:03.280
<v Speaker 1>over what sound very similar kinds of allegations of mismanagement

0:04:03.280 --> 0:04:06.440
<v Speaker 1>of accounts. How is it that this didn't get cleared

0:04:06.520 --> 0:04:09.160
<v Speaker 1>up when not when the CFPB went after them the

0:04:09.200 --> 0:04:12.360
<v Speaker 1>first time? Well, I mean that that is uh, the

0:04:12.440 --> 0:04:14.640
<v Speaker 1>sixty four thousand dollar question, right. I mean, one would

0:04:14.640 --> 0:04:16.719
<v Speaker 1>have thought that Awkwin would have been put on notice

0:04:16.800 --> 0:04:19.599
<v Speaker 1>ben uh, and that they would have gotten their act together. Um.

0:04:19.640 --> 0:04:21.880
<v Speaker 1>I think there are a couple of possible explanations. They're

0:04:21.920 --> 0:04:23.440
<v Speaker 1>sort of good faith, I mean, there are sort of

0:04:23.520 --> 0:04:26.679
<v Speaker 1>charitable explanation and possible I'm sorry, there are some possible

0:04:26.720 --> 0:04:29.039
<v Speaker 1>explanations that are sort of charitable and others that are less.

0:04:29.040 --> 0:04:31.680
<v Speaker 1>So let's start with the charitable. The charitable explanation might

0:04:31.680 --> 0:04:33.479
<v Speaker 1>be that they said that, yeah, we'll get our act together,

0:04:33.520 --> 0:04:35.120
<v Speaker 1>we'll sort of get back on the straight arrow, will,

0:04:35.160 --> 0:04:38.680
<v Speaker 1>we'll fix these problems, uh, And that they really tried, um,

0:04:38.720 --> 0:04:41.800
<v Speaker 1>but that they underestimated the magnitude of the problem and

0:04:41.839 --> 0:04:44.880
<v Speaker 1>so didn't succeed in sort of fully handling it. Another

0:04:44.920 --> 0:04:47.960
<v Speaker 1>possibility is that they were in fact acting to correct

0:04:48.040 --> 0:04:51.920
<v Speaker 1>the problems of the CFPB notified them about, but that

0:04:52.000 --> 0:04:55.200
<v Speaker 1>in the meanwhile they kept taking on additional servicing rights

0:04:55.520 --> 0:04:58.120
<v Speaker 1>so that the full portfolio and that they were dealing

0:04:58.120 --> 0:05:01.599
<v Speaker 1>with continued to grow. And so even the improvements that

0:05:01.600 --> 0:05:04.200
<v Speaker 1>they made in might not have suffice given the fact

0:05:04.200 --> 0:05:08.960
<v Speaker 1>that the original basis of those problems was itself growing. Right.

0:05:09.000 --> 0:05:10.320
<v Speaker 1>I mean, one thing we have to remember is that

0:05:10.360 --> 0:05:12.839
<v Speaker 1>the number of mortgages that they've been servicing, the full

0:05:12.839 --> 0:05:15.680
<v Speaker 1>portfolio I think, grew by something like a factor of

0:05:15.720 --> 0:05:19.840
<v Speaker 1>eight eightfold from what to now or two thousand nine

0:05:19.880 --> 0:05:22.640
<v Speaker 1>until now. So it's a very rapid growth rate in

0:05:22.680 --> 0:05:25.120
<v Speaker 1>their portfolio of mortgages to handle. So even if they

0:05:25.160 --> 0:05:28.720
<v Speaker 1>were which is again four years ago, even if they

0:05:28.720 --> 0:05:30.600
<v Speaker 1>were beginning to get there their house in order, so

0:05:30.640 --> 0:05:32.840
<v Speaker 1>to speak, it might have been that that was not

0:05:33.000 --> 0:05:36.480
<v Speaker 1>enough because the problem was in effect growing very rapidly

0:05:36.600 --> 0:05:39.160
<v Speaker 1>even as they were trying to get a handle on it,

0:05:39.160 --> 0:05:43.359
<v Speaker 1>as it had developed up Bob. So, the CFPB, the

0:05:43.400 --> 0:05:46.560
<v Speaker 1>state of Florida, and twenty one other state agencies are

0:05:46.640 --> 0:05:50.799
<v Speaker 1>suing them or resuring cease and decease desist orders against

0:05:50.800 --> 0:05:54.960
<v Speaker 1>the company. Yeah, it has said it will vigorously defend itself.

0:05:55.200 --> 0:05:59.600
<v Speaker 1>What is its defense? I really, I frankly can't imagine

0:05:59.640 --> 0:06:03.120
<v Speaker 1>what it could be. I really can't. I'm very I mean,

0:06:03.120 --> 0:06:06.440
<v Speaker 1>I'm surprised by this particular attitude. I would have thought

0:06:06.440 --> 0:06:09.600
<v Speaker 1>that they would have been exhibiting some kind of contrition um,

0:06:09.720 --> 0:06:12.480
<v Speaker 1>some sort of plea to the effect that, well, you know, please,

0:06:12.600 --> 0:06:14.600
<v Speaker 1>you know, work with us here where we really are trying.

0:06:14.640 --> 0:06:16.880
<v Speaker 1>We're doing our best. But but the problem is that

0:06:16.920 --> 0:06:19.320
<v Speaker 1>the thing has you know, that the portfolio has grown

0:06:19.360 --> 0:06:21.760
<v Speaker 1>so rapidly that even as we are making improvements, were

0:06:21.760 --> 0:06:24.359
<v Speaker 1>still having trouble keeping up. That would have struck me

0:06:24.400 --> 0:06:26.880
<v Speaker 1>as the right sort of tone to take. Instead by

0:06:26.880 --> 0:06:29.039
<v Speaker 1>striking a defiant tone and saying, oh, this is just

0:06:29.080 --> 0:06:31.560
<v Speaker 1>a CFPB sort of getting out of control, I think

0:06:31.560 --> 0:06:34.040
<v Speaker 1>it's an amazingly stupid strategy to tell you the truth,

0:06:34.080 --> 0:06:36.160
<v Speaker 1>because when you've got half of the states of the

0:06:36.279 --> 0:06:40.440
<v Speaker 1>Union making the same claim, trying to scapegoat the CFPV

0:06:40.600 --> 0:06:43.000
<v Speaker 1>just isn't gonna it's it's not gonna fly right. Nobody's

0:06:43.000 --> 0:06:45.279
<v Speaker 1>gonna buy that. Nobody's gonna find that convincing. With half

0:06:45.279 --> 0:06:47.720
<v Speaker 1>the states in the Union are alleging the same uh,

0:06:47.880 --> 0:06:50.640
<v Speaker 1>that the same wrongs uh and and acting in the

0:06:50.680 --> 0:06:52.920
<v Speaker 1>same way as the CFPV, I can't see what kind

0:06:52.920 --> 0:06:55.719
<v Speaker 1>of defense they could possibly offer that would be consistent,

0:06:55.760 --> 0:06:58.640
<v Speaker 1>at least with a defiant tone that they're striking, Bob.

0:06:58.920 --> 0:07:01.320
<v Speaker 1>If you know, a lot of people probably when they

0:07:01.400 --> 0:07:04.520
<v Speaker 1>get their bills from these mortgage servicing companies are kind

0:07:04.520 --> 0:07:06.719
<v Speaker 1>of surprised. You take out a mortgage with a bank

0:07:07.120 --> 0:07:09.480
<v Speaker 1>and suddenly this other company who you never heard of

0:07:09.520 --> 0:07:13.120
<v Speaker 1>before is obviousing your mortgage, and you can end up

0:07:13.120 --> 0:07:16.800
<v Speaker 1>in a situation like we have allegedly with Aquin here.

0:07:18.120 --> 0:07:21.000
<v Speaker 1>Is there something that should be done, you know, at

0:07:21.000 --> 0:07:23.480
<v Speaker 1>the governmental level or otherwise or by the banks in

0:07:23.560 --> 0:07:26.200
<v Speaker 1>order to avoid this kind of situation because people don't

0:07:26.200 --> 0:07:29.200
<v Speaker 1>have any control over who the mortgaging service company is. Yeah,

0:07:29.480 --> 0:07:31.280
<v Speaker 1>I mean, I think that that's that's the sort of

0:07:31.280 --> 0:07:33.760
<v Speaker 1>the perfect question to ask here, because in fact, what

0:07:33.800 --> 0:07:37.440
<v Speaker 1>it highlights is a particular fact, and it's the fact

0:07:37.520 --> 0:07:40.200
<v Speaker 1>that we haven't yet figured out how to deal with

0:07:40.240 --> 0:07:42.400
<v Speaker 1>the fact that the whole country, the whole model of

0:07:42.440 --> 0:07:45.080
<v Speaker 1>housing finance that we operate with in this country has

0:07:45.080 --> 0:07:47.680
<v Speaker 1>fundamentally shifted over the last tent of twenty years. Right

0:07:47.960 --> 0:07:50.200
<v Speaker 1>there used to be, as we know, right the very

0:07:50.240 --> 0:07:52.520
<v Speaker 1>the person that landed with the institution that lent you

0:07:52.800 --> 0:07:55.080
<v Speaker 1>the money that you used to buy your house, kept

0:07:55.080 --> 0:07:57.320
<v Speaker 1>the loan for the duration of the loan, and you know,

0:07:57.360 --> 0:07:59.200
<v Speaker 1>I had you had a personal relation with it, You

0:07:59.240 --> 0:08:01.040
<v Speaker 1>knew who they were, knew who you were, you had

0:08:01.040 --> 0:08:02.400
<v Speaker 1>a kind of a history. You could kind of work

0:08:02.440 --> 0:08:04.800
<v Speaker 1>things out together if you were beginning to uh suffer

0:08:04.800 --> 0:08:07.160
<v Speaker 1>financial hardships, and hence we're going to linquents on some

0:08:07.200 --> 0:08:09.600
<v Speaker 1>of your payments. But as you know, in the lead

0:08:09.680 --> 0:08:12.280
<v Speaker 1>up to two thousand and eight, we had a gradual

0:08:12.280 --> 0:08:14.880
<v Speaker 1>shift to what's now known as the originate to distribute model,

0:08:14.920 --> 0:08:19.480
<v Speaker 1>where the institution that originates loans doesn't plan to hold them. Instead,

0:08:19.560 --> 0:08:22.040
<v Speaker 1>it sells the rights to collect on the loans to

0:08:22.200 --> 0:08:25.640
<v Speaker 1>other institutions. And sometimes these things can change hands multiple times,

0:08:25.960 --> 0:08:27.880
<v Speaker 1>and that makes it very difficult, for one thing, for

0:08:27.920 --> 0:08:29.920
<v Speaker 1>the homeowners to know who the heck they're actually dealing with,

0:08:29.960 --> 0:08:32.079
<v Speaker 1>and who they actually owe something to, and who might

0:08:32.120 --> 0:08:34.199
<v Speaker 1>be in fact, just trying to scam them. And it

0:08:34.240 --> 0:08:37.280
<v Speaker 1>turns out that it's apparently difficult for the services themselves

0:08:37.280 --> 0:08:39.440
<v Speaker 1>even to kind of keep up with things because these

0:08:39.440 --> 0:08:43.000
<v Speaker 1>things often change hands so rapidly. So the question is

0:08:43.120 --> 0:08:45.880
<v Speaker 1>do we have to go back to the pre originate

0:08:45.880 --> 0:08:49.040
<v Speaker 1>to distribute model basically originate to hold In other words,

0:08:49.120 --> 0:08:51.400
<v Speaker 1>we want kind of maximum skin in the game again

0:08:51.440 --> 0:08:53.520
<v Speaker 1>like we used to have, or is there some sort

0:08:53.520 --> 0:08:55.640
<v Speaker 1>of middle ground that we can find that's between the

0:08:55.679 --> 0:08:58.480
<v Speaker 1>older model on the one hand, and the currently you know,

0:08:58.480 --> 0:09:02.120
<v Speaker 1>sort of just obviously unsiff stainable originate to distribute to distribute,

0:09:02.120 --> 0:09:04.920
<v Speaker 1>to distribute to distribute model, which is what's proved so

0:09:04.920 --> 0:09:07.240
<v Speaker 1>so unworkable. You know. The argument in favor of the

0:09:07.280 --> 0:09:09.920
<v Speaker 1>latter is it supposedly makes housing finance cheaper, right, the

0:09:09.960 --> 0:09:13.959
<v Speaker 1>cost of housing finances much lower because nobody feels that.

0:09:14.080 --> 0:09:15.840
<v Speaker 1>The lenders know that they can unload the loans and

0:09:15.840 --> 0:09:17.040
<v Speaker 1>so they're not going to be stuck with them, and

0:09:17.559 --> 0:09:19.760
<v Speaker 1>they charge less in the way of interest. But the problem,

0:09:19.760 --> 0:09:21.480
<v Speaker 1>of course is we actually had sort of too much

0:09:21.600 --> 0:09:23.320
<v Speaker 1>mortgage credit. It was sort of too much of a

0:09:23.320 --> 0:09:25.319
<v Speaker 1>good thing. That's why we had a housing bubble in

0:09:25.320 --> 0:09:28.120
<v Speaker 1>the first place. So clearly we need something between the

0:09:28.160 --> 0:09:30.920
<v Speaker 1>two extremes, at least if we don't, in fact go

0:09:31.000 --> 0:09:34.480
<v Speaker 1>all the way back to the originate to hold model. Bob.

0:09:34.520 --> 0:09:38.520
<v Speaker 1>Every time I see these lawsuits continuing about mortgage companies

0:09:38.520 --> 0:09:41.840
<v Speaker 1>and mortgage service companies, I asked the same question of myself,

0:09:41.840 --> 0:09:47.360
<v Speaker 1>which is haven't we learned anything from the financial crisis? Yeah? Yeah,

0:09:47.440 --> 0:09:50.080
<v Speaker 1>it seems like we learned something for about twenty minutes

0:09:50.160 --> 0:09:53.000
<v Speaker 1>or maybe for eighteen months um, and then almost as

0:09:53.080 --> 0:09:56.280
<v Speaker 1>quickly as um, things begin to kind of recover in

0:09:56.320 --> 0:10:00.520
<v Speaker 1>scare quotes, the original causes of the crisis in the

0:10:00.520 --> 0:10:03.840
<v Speaker 1>first place begin to be forgotten. But you would have thought,

0:10:03.840 --> 0:10:06.600
<v Speaker 1>in this particular case, given that the magnitude of the

0:10:06.640 --> 0:10:09.679
<v Speaker 1>crisis first and the fact that it was so concentrated

0:10:09.720 --> 0:10:13.160
<v Speaker 1>on housing finance as for another thing, that at the

0:10:13.240 --> 0:10:16.280
<v Speaker 1>very least we would at least remember, right how to

0:10:16.400 --> 0:10:18.520
<v Speaker 1>you know, how to do housing right, even if we,

0:10:18.760 --> 0:10:20.400
<v Speaker 1>you know, are still sort of arguing about what to

0:10:20.440 --> 0:10:23.160
<v Speaker 1>do about derivatives or what to do about uh financial

0:10:23.160 --> 0:10:26.200
<v Speaker 1>market utilities or repo markets or what have you. But

0:10:26.320 --> 0:10:29.400
<v Speaker 1>it seems that we we've apparently haven't even figured out

0:10:29.480 --> 0:10:32.439
<v Speaker 1>yet what to do about housing. And I guess you see.

0:10:32.559 --> 0:10:34.920
<v Speaker 1>Another reflection of this, of course, is in Congress itself,

0:10:34.920 --> 0:10:37.960
<v Speaker 1>because Congress for at least five years now has been

0:10:38.000 --> 0:10:39.800
<v Speaker 1>figuring out what to do with Fannie and Freddie. Do

0:10:39.840 --> 0:10:41.240
<v Speaker 1>we want to sort of restore them to what they

0:10:41.240 --> 0:10:44.840
<v Speaker 1>were before? Two We've got there's clearly gonna be more

0:10:44.840 --> 0:10:46.480
<v Speaker 1>for us to have you on the air to talk about,

0:10:46.880 --> 0:10:48.559
<v Speaker 1>but we're running out of time, so I want to

0:10:48.600 --> 0:10:50.880
<v Speaker 1>thank Bob Hockett of Cornell Law School for being with

0:10:51.000 --> 0:10:53.240
<v Speaker 1>us here today on Bloomberg Law. That's it for this

0:10:53.400 --> 0:10:56.079
<v Speaker 1>edition of Bloomberg Law. Will be back tomorrow thanks to

0:10:56.160 --> 0:10:59.800
<v Speaker 1>Technical director Christa Comey and producer David Sucherman. Coming up

0:10:59.840 --> 0:11:03.920
<v Speaker 1>on Bloomberg Radio, Bloomberg Markets with Carol Master and Corey Johnson. Carol,

0:11:03.960 --> 0:11:06.280
<v Speaker 1>what do you got? How much money is the IBM

0:11:06.520 --> 0:11:09.680
<v Speaker 1>CEO really making? We're gonna do that. Stay tuned for

0:11:09.720 --> 0:11:12.439
<v Speaker 1>all of that and more here on Bloomberg Radio. This

0:11:13.000 --> 0:11:13.800
<v Speaker 1>is Bloomberg